AUDUSD closed back above 0.7501 last week.
However, if Dollar Index still have room to rise, Aussie is hard to fight the major trend.
We do notice a potential inverse head-shoulder bottom on intraday chart, but the upside magnitude is a problem for now.
If failed to maintain the pattern, one touch 0.7367 could not be ruled out.
Only above 0.7600/06 will erase immediate downside risk.
Daily support Levels: 0.7514 0.7512 0.7505 0.7493 0.7481 0.7477
Daily resistance Levels: 0.7531 0.7537 0.7548 .7550 0.7552 0.7566 0.7571
Intraday Trade Idea: (spot 0.7521)
①Buy Limit @ 0.7507 SL @ 0.7460 Take Profit @ 0.7537/0.7548
①Sell Limit @ 0.7551 SL @ 0.7575 Take Profit @ 0.7526
Click on the image to enlarge
We provide Daily FX Report, Trade Copy, Email Alert and MT4 EA Rental. Free trial and 30 Days Money Back policy will be valid forever!. All the services could be Free
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79.9% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Recommended Content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.