- Severely overbought conditions and heading toward strong weekly and MACD resistance. - TD sequential will generate a 9 and possible 13 count around 1.70 area. - 1.7 strong psychological level. - Watch for AUDUSD and AUDJPY bounce at 0.60 and 70.20 respectively for confirmation. Possibly EURUSD reversal before 1.12, otherwise trade invalidated.
Great analysis and I'm riding that trade with you. Don't you believe coronavirus fears could invalidate it with more AUD dumping due to risk-off sentiments?
simplejack
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@theforexcast yes there’s definitely that possibility especially if AUDUSD breaks 0.6. Also the possibility that coronavirus could have an impact on EUR. With what’s been happening in Italy etc this week, focus could be on Europe in the near future
simplejack
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Move stops to break even at 1.695. Huge vol expected this week with coronavirus headlines, Super Tuesday, China & US PMIs, and NFP.