Long A/U

In this topic : tradingview.com/v/7hLHPBzv/

I predicted exactly the bearish trend of A/U , I thought A/U can reach to 0.91 level, but it just moves to 0.927.
Because I didn't think that Yellen provided much dovish comments. I thought Yellen would be cautious when she gave her viewpoint. Unfortunately, she was so much dovish, she wanted to keep QE. I couldn't predict what she will say.

Now I present idea for A/U next two days before RBA Minutes.

Technical Analysis:

- A/U today reached strong support and resistance level: 0.93

This is also 50% Fibonacci retracement level : A strong support level.

I show on the chart 4 times A/U test this level.

- Stoch (14,3,3) :%K cuts %D two times : Strong signal for changing the trend.

Fundamental Analysis:

- Bearish trend of A/U was stopped by Yellen Speach today. She confirmed that QE should not stop now to support US economy. We can see market reacted greatly after her speach : USD Sell off.

- I think A/U found dynamic to rally.

Next Monday is RBA Minutes, I don't know what happen after the Minutes, but I claim that before it, the trend of A/U will be UPTREND

Target: 0.94 , 38% Fibonacci Retracement Level.

Stop Loss: 0.92, 61.8% Fibonacci Retracement Level.

Good Weekend all traders.

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