AUDUSD Forex Blog Forecast 5th January 2014
The Aussie Dollar have been in a down trend in 2014 and the question is, will this Forex pair continue on its down trend? Looking at the current price levels, the AUDUSD is near the round number 0.80 and I believe that there could be some technical traders at that level waiting to buy this pair. I wouldn’t want to short the AUDUSD at these levels.
Nevertheless, it is still safer to follow the trend and we know that RBA wants this pair lower. So, even if the RBA wants it lower doesn’t mean that this pair is not going to retrace as what markets always do. I believe and I am actually looking for the AUDUSD to retrace to the upside before I would take any short positions.
I am looking at the H1 above and we can see the buyers coming in at the 0.805 level after the pair came down from a high of 0.822, a 160+ pips move. The first retracement level have been reached if we take the 0.805 as the swing low. The next Fib level for retest of the AUDUSD wants to go higher is the 61.8 Fib level at 0.8134.
Lets observe where this Kangaroo wants to go. I am not shorting this pair yet. I am observing. Scalping? Maybe.
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