AUDUSD Daily MACD Positively Crossing
AUDUSD Weekly/Daily/4hr
The (AUDUSD) has consolidated roughly a month around downchannel resistance (on the weekly chart), with rising odds for a weekly close by mid January, above the 50% Fib retrace of the slide from the April peak to the October low. With a retest of the psychologically key 0.65 whole figure level increasingly unlikely in January, the AUDUSD has all but made a major bottom in October, halting a slide since early 2021 (as can be seen easier on a monthly chart on tradingview.com). Watch for volatility today at 815am EST with the release of US ADP non-farm employment change, and Friday with the highly anticipated US non-farm payrolls (NFP) and ISM services PMI. Monitor as usual the Ukraine-Russia conflict. Congratulations to paying subscribers who benefited from the Oct 31, 2022 analysis suggesting another effort at forming a major bottom. The weekly and daily RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains. I am looking to enter long in the green zone (of the daily chart), targeting the red zone for Wednesday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter). Click here for analysis on GBPUSD, VIX
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On the date of publication, Darren Chu did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
