This Week Pairs To Trade (Part I)

1 mar 2019

This Week Pairs To Trade (Part I)

AUD/USD


Economic view:

On Monday 4th March, we have Current Account and RBA Interest Rate Decision. Both news will set the trend for the week as this pair is on important support level.

On Tuesday 5th March, GDP news will be released at 19:30 which is a very high impact news to trade.

Retail Sales news will be released at 19:30 on Wednesday 6th March which will move the pairs.

7th March thursday is quite regarding news so expecting market to be in range or be in corrective phase in comparison with the previous 3 days.

Friday 8th March will see more volatility in trading pairs as NFP news is a huge impact news for trading.


Price Action:

The month of February ends with making an inside bar ; chart below
https://www.tradingview.com/x/raaOxNMs/

so we have a range of 0.7283-0.7053, a break of either side will set the trend for pair. Besides this the pair is also making an Inside Bar in the weekly chart. Here it is
https://www.tradingview.com/x/HQ0QLYlj/

Technical View:
Important levels to watch for :
Range Breakout: 0.7283-0.7053
Weekly resistance level: 0.7127
Weekly Support Zone: 0.6898-0.6845

https://www.tradingview.com/x/YT0VdMu2/

Indicators Used
:

• Supports and Resistance levels based on price action
  Alligator with a setting of 19
  RSI with a setting of 19 and 50 level to watch and confirm trend
  
  

Trade Setup:
it looks like that upcoming week will be bearish for this pair as this week is ending below important weekly resistance
https://www.tradingview.com/x/uUkEUnJf/

Do comment, share and like , your views will always be welcome. Trade setup will be update during next week .
Stay on Safe side
Happy Trading