What an eventful week we've just had. The AUDUSD pair did the three things we were expecting (anticipating) in the previous ideas.
1. Price closed above the 0.67700 level, finally.
2. Price tapped into that 0.68000 level and barely closed above it.
3. Price dropped massively on the second daily tap on that 0.68000 level and that can be seen on the hourly time-frame. We can thank the USD Non-Farm Employment Change and Unemployment Rate news release for that.
Now, with these three points, what can we expect this coming week? Well, as the title of the idea entails - is 0.68445 the new resistance? I mean that being the case would be a great start.
We already have enough evidence (confluences) that clearly show that price wants to drop lower. However, we need to get a resistance (supply level) for that to happen. By that I mean we want to see price continuing below the 0.68445 level; And when that happens, we will look for more setups to go short on the hourly time-frame.
We still have to wait for the market to tell us when it wants to go and so, for now, we will just enjoy the weekend. Until next time, let me hear your thoughts and views below.
1. Price closed above the 0.67700 level, finally.
2. Price tapped into that 0.68000 level and barely closed above it.
3. Price dropped massively on the second daily tap on that 0.68000 level and that can be seen on the hourly time-frame. We can thank the USD Non-Farm Employment Change and Unemployment Rate news release for that.
Now, with these three points, what can we expect this coming week? Well, as the title of the idea entails - is 0.68445 the new resistance? I mean that being the case would be a great start.
We already have enough evidence (confluences) that clearly show that price wants to drop lower. However, we need to get a resistance (supply level) for that to happen. By that I mean we want to see price continuing below the 0.68445 level; And when that happens, we will look for more setups to go short on the hourly time-frame.
We still have to wait for the market to tell us when it wants to go and so, for now, we will just enjoy the weekend. Until next time, let me hear your thoughts and views below.
