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AUDUSD Weekly Forecast And Technical Overview

AUDUSD Weekly Forecast And Technical Overview

A busy week ahead with heavy economic calendar for both AUD and USD.

Sunday: China Industrial Production Data

Monday: RBA Minutes & House Price Index

Wednesday: The king of the events: FOMC Meeting and the FED’s Interest Rate Decision with Monetary Policy Statement. AUD Employment Report.

AUD gained strength due to Trade war optimism. RBA minutes will provide us a better view of the further road map of the Central Bank.

The market is pricing 99% of 25bp rate cut by the FED. The market players are too enthusiastic about prospective easing and rate cut cycle however Powell has repeatedly said that the Fed is using a data-dependent approach to policy and will adjust interest rates “in accordance to the prevailing economic circumstances that fall under the purview of its mandate”.   And the macroeconomic data of the U.S. Economy – the core CPI and PPI – does not show the signs of a weakness that may lead the FED into a rate cut and easing cyle.

Technically:

The Daily Chart:

Aussie is testing the SMA100 resistance and the Ichimoku Bearish Cloud Ceiling. Strong fundamental reasons are needed to break some certain levels. RBA Minutes and the FED’s Monetary Policy Statement will provide this information.

The pair will remain in bearish pressure as long as it can not break and close above 0.69200.

A daily closing above 0.69200 would lead the price towards 0.69600 and 0.70200.

We stay in the bearish side under the current fundamental conditions.

Our Near Term Bearish Scenario:

H4 Chart:

Bearish Harmonic XABCD patterns were completed. We see a potential Head&Shoulders pattern formation. Breakdown of the neckline at 0.68600 could accelerate the bearish move. Near term targets of the pair are 0.68470 0.68370 and 0.68100.

H1 Chart:

As published on the live chart, the price is forming a potential bullish shark pattern. After a potential breakdown of the neckline of the SHS pattern, the price may retrace towards the broken neckline by the Shark Pattern. We plan to use the mentioned potential pullback as a re-selling opportunity.

This bearish scenario would be invalidated if the price makes daily closing above 0.69200.

Entry alert with targets and stop loss will be sent to members.

Important Note: New patterns may appear and some emerging patterns may become invalidated. We publish our live charts D1 H4 H1 and M30  with updates and entry alerts.        – Members Only –

Link to AUDUSD Live Charts: AUDUSD LIVE

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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money

AUDUSD Forecast: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

 

 

 

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