AUDUSD 1 to 5 month Outlook and Trade Idea: IF it goes there
The economic data for the Australian economic for unemployment, I believe, shall be bullish today at 7:30pm EST (January 13, 2016); and that supports a temporary upward bias in the AUDUSD. My hope is that the market gives support the push up in AUDUSD.
This will enable me the opportunity to short it later in harmony with my notes on the chart; as this market environment favors the USD over AUD as a 1 month to 3 month outlook for now.
Technically, there is a bearish gartley pattern in play with wicks showing market indecision, maybe because of the upcoming report; however, I wish not to take this trade because I prefer to short at a stronger area of resistance around the 0.71199 to 0.71730 area (sell zone). Moreover, given that the unemployment data for AUDUSD will be bullish (and this is a 4 hour chart) at 7:30 pm EST today, I am hoping this pattern will break and travel up!
This will enable me the opportunity to short it later in harmony with my notes on the chart; as this market environment favors the USD over AUD as a 1 month to 3 month outlook for now.
Technically, there is a bearish gartley pattern in play with wicks showing market indecision, maybe because of the upcoming report; however, I wish not to take this trade because I prefer to short at a stronger area of resistance around the 0.71199 to 0.71730 area (sell zone). Moreover, given that the unemployment data for AUDUSD will be bullish (and this is a 4 hour chart) at 7:30 pm EST today, I am hoping this pattern will break and travel up!
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