Market Outlook and Analysis (Nov2019 Week4)
Currency Pair: AUDUSD
Fundamental Analysis – AUDUSD
The Australian Unemployment Rates and Employment Changes came in poorer than expected, causing the AUD to drop on Thursday. It quickly recovered back to the initial levels over the next 2 trading days.
Expecting the RBA to hold the rates steady in December.
Technical Analysis – AUDUSD
AUDUSD H4 Chart – (Trade Review) – Bullish Bat trade hits SL. Loss (-34pips)
The poorer than expected employment data from Australia caused the pair to dip to hit SL.
AUDUSD D1 Chart – Breaking Below TL Support
AUDUSD managed to break below the TL Support and created a Lower Low. The pair could potentially start heading lower again.
AUDUSD H4 Chart – Potential Short at the Shoulder
The pair is potentially forming a Head & Shoulder pattern, it presents an opportunity for a short at the right shoulder. Ideally if we can see a bearish Harmonic pattern to take that short.
Let’s monitor this pair throughout the whole of next trading week.
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