Trade Idea AUDUSD Buy at 0.7300
BUZ INVESTORS Trade Idea AUDUSD The pair is trading at 0.7395 at 09:40 GMT this morning, with the Australian Dollar trading 0.23% higher against US Dollar from the New York close. This morning, the pair traded at a high of 0.7404 and a low of 0.7365. The Australian Dollar traded 0.12% higher against the US Dollar in the New York session yesterday, with the pair closing the session at 0.7378. The pair is expected to its find support at 0.7361 and its first resistance at 0.7416.
Although aussie has rebounded again after holding above support at 0.7329 (this week’s low) and minor consolidation above this level would be seen, reckon 0.7425-30 would limit upside and bring another decline later, below said support at 0.7329 would extend one more fall to 0.7295-00 (76.4% retracement of 0.7158-0.7750), however, loss of downward momentum should prevent sharp fall below there and bring rebound later, above 0.7425-30 would bring subsequent gain to 0.7490-00 but break of 0.7510 is needed to signal low is formed, then test of resistance at 0.7556 would follow.
In view of this, we are inclined to turn long on next decline. Below 0.7245-50 would risk weakness to 0.7200-10, however, reckon previous support 0.7158 would contain downside and aussie may stage another strong rebound from there later this week.
On the 4-hour chart, the move from 0.8066 is the wave 5 with i: 0.8860, ii: 0.8315, wave iii is an extended move ended at 1.0183, iv: 0.9706 and wave v has ended at 1.1081 (also the top of entire wave 5). The subsequent selloff is the major correction which is unfolding as ABC-X-ABC and 2nd A leg has ended at 0.8848, followed by a-b-c wave B which ended at 0.9758, hence, 2nd C wave is now in progress and indicated downside target at 0.7000 and 0.6950 had been met, so further fall to 0.6710-20 cannot be ruled out.
Trade Idea AUDUSD
Australian Dollar | Data | Chart | Calendar | Forecast | News
BUZ INVESTORS The AUDUSD increased 0.0042 or 0.56% to 0.7418 on Friday May 12 from 0.7376 in the previous trading session. Historically, the Australian Dollar reached an all time high of 1.10 in July of 2011 and a record low of 0.48 in April of 2001.
|5836.90||5878.30||6828.70||1358.50||1992 – 2017||points||Daily|
|Government Bond 10Y||2.64||2.63||16.50||1.83||percent||[+]|
|2 Year Note Yield||1.69||1.71||5.26||1.43||percent||[+]|
|5 Year Note Yield||2.17||2.19||5.50||1.48||percent||[+]|
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