Hi guys,
After one month vacation in China, Hong Kong, and Canada, I finally returned back to Australia.
Let's see this currency pair how bad it was.
By using simple trend line analysis on the left chart, you see the recent structure retested back to a black valid trend line that drawn from 2016-01. The red star gave you some ideas that AUDUSD could not able to breach a certain level near 0.7665.
Some people may notice a bearish MACD divergence, some may see a dark cloud cover candlestick pattern. Netherless, they are all bearish signals.
On the other hand, Ichimoku analysis on the right found 0.7665 was also a strong resistance. The next stronger one was 0.7613.
Today's insights
We are looking for demand zone or support area.
By moving the chart to the past, you may see some supports found on 2016-11 and 2017-05.
Left chart
We may apply the same range of a bearish flag pattern,there are two targets.
Target 1: somewhere between 0.7326 and 0.7373
Target 2: 0.7169 (only if more bearish movement applied)
Right chart:
Since 0.7454 was a strong support in May, Ichimoku traders need to be patient to see one or two more day to see whether tenkan-sen cross below kijun-sen. If it applies, we then look for chikou span support in the past, the demand zone is very similar to the left chart.
Target 1: somewhere between 0.7313 and 0.7346
After one month vacation in China, Hong Kong, and Canada, I finally returned back to Australia.
Let's see this currency pair how bad it was.
By using simple trend line analysis on the left chart, you see the recent structure retested back to a black valid trend line that drawn from 2016-01. The red star gave you some ideas that AUDUSD could not able to breach a certain level near 0.7665.
Some people may notice a bearish MACD divergence, some may see a dark cloud cover candlestick pattern. Netherless, they are all bearish signals.
On the other hand, Ichimoku analysis on the right found 0.7665 was also a strong resistance. The next stronger one was 0.7613.
Today's insights
We are looking for demand zone or support area.
By moving the chart to the past, you may see some supports found on 2016-11 and 2017-05.
Left chart
We may apply the same range of a bearish flag pattern,there are two targets.
Target 1: somewhere between 0.7326 and 0.7373
Target 2: 0.7169 (only if more bearish movement applied)
Right chart:
Since 0.7454 was a strong support in May, Ichimoku traders need to be patient to see one or two more day to see whether tenkan-sen cross below kijun-sen. If it applies, we then look for chikou span support in the past, the demand zone is very similar to the left chart.
Target 1: somewhere between 0.7313 and 0.7346
交易結束：目標達成:
Target 1 reached.
