Upcoming events – The Jackson Hole meeting to spark future volatility, currently being very cautious on the short-term trades, so looking for more longer-term positions to take up. The current strategy is to wait for bullish/bearish confirmation before entering any trades due to heightened event risk.
AUD/USD weakness has been caused by the ongoing trade war between US & China as Australia has a heavy reliance on China to buy materials and because the trade-war has caused a global economic slowdown it is forced the RBA to start to cut interest rates to help prop up the economy.
Long AUD/USD – currently bouncing off support and descending triangle formation
Waiting on a bullish break of 0.68350 to enter the trade
TP = 0.70706 ($436.84)
SL = 0.67500 ($157.61)
AUD/USD Bears struggling to break support – also the lower highs have helped form a descending triangle, waiting on a break out to target the closest FIB level
AUD/USD weakness has been caused by the ongoing trade war between US & China as Australia has a heavy reliance on China to buy materials and because the trade-war has caused a global economic slowdown it is forced the RBA to start to cut interest rates to help prop up the economy.
Long AUD/USD – currently bouncing off support and descending triangle formation
Waiting on a bullish break of 0.68350 to enter the trade
TP = 0.70706 ($436.84)
SL = 0.67500 ($157.61)
AUD/USD Bears struggling to break support – also the lower highs have helped form a descending triangle, waiting on a break out to target the closest FIB level