Long USDAUD hourly and daily
Given the current market conditions, I believe there is very bullish momentum for the USDAUD
On the daily chart, the pair have hit multi-month lows and the momentum of the down trend seems to have been slowing over the last few weeks. Also, the pair has been consolidating on the support level of 1.308 which is a multi-month low.
The improving American economic data and the strong performance of the major indices (SP500, NASDAQ, DJIA) as well as the stimulus packages supporting the reopening of the economy, there will be continued strong activity for the US dollar.
The lockdown in Victoria as well as the volatility of commodity prices do not help the uncertain outlook of the Australian dollar.
Additionally, the RSI is bouncing off the oversold territory and combined with the increasing volume.
From the 22 July to the 27 August, the price action and the RSI show bullish divergence which is suggesting optimism with less buying volume required to get higher price levels.
In terms of risk/reward ratio, I have no stop loss because I do not think the pair can go any lower than the multi-month lows unless there is a drastic change such as a US COVID second wave or an improved Australian economic situation. For profit taking, I am setting an initial level of 1.4537 which is a well established support and resistance level, but I would not be surprised if that is violated.
All together, I am bullish for the USDAUD on the hourly and daily.
On the daily chart, the pair have hit multi-month lows and the momentum of the down trend seems to have been slowing over the last few weeks. Also, the pair has been consolidating on the support level of 1.308 which is a multi-month low.
The improving American economic data and the strong performance of the major indices (SP500, NASDAQ, DJIA) as well as the stimulus packages supporting the reopening of the economy, there will be continued strong activity for the US dollar.
The lockdown in Victoria as well as the volatility of commodity prices do not help the uncertain outlook of the Australian dollar.
Additionally, the RSI is bouncing off the oversold territory and combined with the increasing volume.
From the 22 July to the 27 August, the price action and the RSI show bullish divergence which is suggesting optimism with less buying volume required to get higher price levels.
In terms of risk/reward ratio, I have no stop loss because I do not think the pair can go any lower than the multi-month lows unless there is a drastic change such as a US COVID second wave or an improved Australian economic situation. For profit taking, I am setting an initial level of 1.4537 which is a well established support and resistance level, but I would not be surprised if that is violated.
All together, I am bullish for the USDAUD on the hourly and daily.
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