AUDUSD:Can Hammer/Pin @ supp turn ress level get bid? NFP ahead!
We are not taking serious to this so-called bearish signal Hammer/Pin-bar, Although its position is quite impressing as it appeared right @ former supp turned resistance level. Such Levels are usually
respected widely in financial markets. But there are couple of reason we are not paying much attention to this bearish signal.
1- Double bottom's neck-line or base line might react a new support level. Highlighted in black @6876 level
2- Price got bid right @ 100 DMA on 30 Oct (we wrote about it) even though the high volatility event FOMC was on same day.
3- Look how sharply the gap between 100 DMA and 20 DMA is decreasing.
4- Above ALL, fundamentals are not supporting much to buy US dollar against Aussie, as of now.
5- Non-farm payroll just ahead is much important when FED is really data-dependent, although they say it every time that they are data dependent.
respected widely in financial markets. But there are couple of reason we are not paying much attention to this bearish signal.
1- Double bottom's neck-line or base line might react a new support level. Highlighted in black @6876 level
2- Price got bid right @ 100 DMA on 30 Oct (we wrote about it) even though the high volatility event FOMC was on same day.
3- Look how sharply the gap between 100 DMA and 20 DMA is decreasing.
4- Above ALL, fundamentals are not supporting much to buy US dollar against Aussie, as of now.
5- Non-farm payroll just ahead is much important when FED is really data-dependent, although they say it every time that they are data dependent.
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