AUDUSD Chart Analysis 02 Feb 2016
AUDUSD: 4h - Daily view
Aussie rallied further than I expected. The pair printed 0.78% Fib retrecement at 0.7230 and collapsed back to 0.70 area. AUDUSD printed another engulfing candle on the daily charts. Coinsidering fundamentals, downtrend must be assumed. NZL GDT index printed negative 7.4% last week. AUD is strongly correlated to NZD. We migh see both pair resuming downtrend in the coming weeks.
Bulls @ 0.72 ( on pullbacks after breaking this level )
Bears @ 0.7080
AUDUSD: 15-30 min view
Shorter time frame looks the same. Sharp decline from the high should continue after small consolidation. Bears should wait for lowe low top be printed and a retrecement towards recent support, now resistance to enter short positions. Bulls would have to wait for a break of the recent high, a pullback towards recent resisttance and enter long positions at 0.7220 area.
Aussie rallied further than I expected. The pair printed 0.78% Fib retrecement at 0.7230 and collapsed back to 0.70 area. AUDUSD printed another engulfing candle on the daily charts. Coinsidering fundamentals, downtrend must be assumed. NZL GDT index printed negative 7.4% last week. AUD is strongly correlated to NZD. We migh see both pair resuming downtrend in the coming weeks.
Bulls @ 0.72 ( on pullbacks after breaking this level )
Bears @ 0.7080
AUDUSD: 15-30 min view
Shorter time frame looks the same. Sharp decline from the high should continue after small consolidation. Bears should wait for lowe low top be printed and a retrecement towards recent support, now resistance to enter short positions. Bulls would have to wait for a break of the recent high, a pullback towards recent resisttance and enter long positions at 0.7220 area.
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