early birds Posted October 7, 2021 Share Posted October 7, 2021 The AUDUSD closed at .7269 (-0.32%), although well off its intraday low at .7226. The market remains heavily short the AUDUSD, and should it break above the .7320/40 resistance area, I expect to see a short-covering rally commence towards .7500c. Until then, a retest of the August .7106 low cannot be ruled out. Link to comment Share on other sites More sharing options...
early birds Posted October 7, 2021 Share Posted October 7, 2021 The AUDUSD closed at .7314 (+0.55%) and appears to have traced out a potential inverted head and shoulders bottom on the intraday charts. The market remains heavily short the AUDUSD, and should the AUDUSD break/close above the top of the .7320/40 resistance area, I would expect to see a short-covering rally commence towards .7500c ============ the chart paten looks it gonna rally higher----imho though. Link to comment Share on other sites More sharing options...
early birds Posted October 10, 2021 Share Posted October 10, 2021 The AUDUSD closed unchanged at .7309 (-0.05%) after running into sellers .7320/40 area. The market remains heavily short the AUDUSD, and should the AUDUSD break/close above the top of the .7320/40 resistance area, I would expect to see a short-covering rally commence towards .7500c the projection of the inverted head and shoulders bottom. Link to comment Share on other sites More sharing options...
early birds Posted October 11, 2021 Share Posted October 11, 2021 The AUDUSD closed higher at .7350 (+0.56%) above the band of resistance .7320/40 area. This development suggests that a short-covering rally towards .7500c (the projection of the inverted head and shoulders bottom) has commenced. To remain with the positive view, the AUDUSD needs to hold above support at .7280/75 Link to comment Share on other sites More sharing options...
early birds Posted October 12, 2021 Share Posted October 12, 2021 with inflation jumped up big time as energy price rocked high, will RBA make a drastic move earlier ??? ===================== The AUDUSD closed higher at .7358 (+0.08%), consolidating its break above the band of resistance .7320/40 area. Providing the AUDUSD continues to hold above support at .7280/75, the view remains that a short-covering rally towards .7500c (the projection of the inverted head and shoulders bottom) has commenced ===================== Link to comment Share on other sites More sharing options...
early birds Posted October 13, 2021 Share Posted October 13, 2021 The AUDUSD closed higher overnight at .7373 (+0.31%). This morning at 11.30 am Sydney time, Australian jobs data for September is due to be released. The forecast is for another significant fall in employment of around -120k driven by lockdowns and mobility restrictions. The participation rate is expected to drop from 65.2% to 64.8% and moderate the rise in the unemployment rate from 4.5% to 4.8%. Providing the AUDUSD continues to hold above support .7320/00, the view remains that a short-covering rally towards .7500c has commenced. Link to comment Share on other sites More sharing options...
early birds Posted October 14, 2021 Share Posted October 14, 2021 The AUDUSD has extended gains to be trading at .7418 (+0.53%), enjoying the backdrop of stronger commodities, lower U.S yields, and an improved risk-seeking environment. The short-covering rally we have been expecting is well and truly underway. A break of near-term resistance at .7420/30 should then see a test of our upside target at .7480/.7500c. Beyond here, watch for a test of the 200-day moving average at .7600c. Stops on longs can be trailed higher to .7365. ================ as AAA confirmed would see AUD pop up little faster ... Link to comment Share on other sites More sharing options...
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