How the daily candle closes will be much influential to next week trading ahead of CPI report on wednesday 27th that RBA is keenly watching for further direction to its monetary policy decision

Bulls could be back in play due some bids in oil,gold so favouring AUD

daily chart

55ema in control which would suggest a double bottom up but the 5EMA also in control which would lead to oversold conditions

4HR

I will watch for a pull back within38.2-61.8 to go long

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Am a newbie and a part-time trader since 2016 applying Captain Wayne strategy.i trade all currencies depending on the global money flow

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2 thoughts on “AUD/USD setup plan”

  1. Maryna says:
    July 21, 2016 at 2:04 pm

    Hi Allank, I don’t trade USD PAIRS, but always interested in the posts. I’ve attached a daily chart and reckon a move lower would first encounter bids at the six-month channel support near 0.7330. A close below that would open the May low at 0.7145 with a break there opening a much larger move toward multi-year lows at 0.6825. I would like to see a H4 trendline break below to validate the bears are in control. What do you think? https://charts.mql5.com/11/916/audusd-d1-fxprimus-ltd.png

    1. allank says:
      July 21, 2016 at 10:58 pm

      sounds like a good plan,thanks for the update

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