AUDUSD – Aiming For New Highs

Before you read today’s analysis, read EURUSD analysis from yesterday. EURUSD moved close to 150 pips since then and we were able to lock in +105 pips on Elite Swing Signals on EURUSD Long trade. I personally took another long trade based on CandleTick strategy earlier in the Asian session yesterday, which netted +100 pips more.

AUDUSD Technical Analysis

Today we look at AUDUSD. Technical Analysis of weekly chart shows break of the upper trendline. price from here is likely to move up towards the resistance at 1.0230. Price need to close above this level for it to keep moving higher.

AUDUSD daily chart shows that price closed above the weekly trendline last week and so far this week it has been hanging around the same area on 4 hour chart. Now it seems to have broken and re-tested the trendline and poised to go up from here.

AUDUSD Fundamental Analysis

Reserve Bank of Australia is due to meet later in the day and likely to keep interest rates at 4.75%. Current monetary policy and Inflation so far at a safe level, however recent floods in Queensland are bit of a concern.

If RBA comments about concerns towards increase in inflation due to floods then it could lead AUDUSD higher in hope that Interest Rates are likely to go up in near future.

AUDUSD Trading Plan

If price drops to trendline before heading up to the resistance above, then look for aggressive long trades around 1.0150. If price pushes higher and close above 1.0230-50 then look for re-test of this area for long trades.

On the other hand if momentum towards the downside is strong then look for shorts if price close below the trendline at 1.0150

Don’t agree with this analysis? Leave a comment below.

EURUSD – All Set for 1.40

EURUSD technical analysis points to likely rally up to 1.4000. On the weekly chart, price broke and closed above the upper minor trendline and now looking to head further up towards another trendline. If price continues to move up then we have next resistance at 1.3950 area.

Daily charts shows price breaking upward and found resistance at 1.3830 last week. Price then came down all the way back to 1.3715 to re-test the trendline breakout and prior support.

EURUSD Fundamental Analysis

On the EURUSD fundamental analysis side, ECB meets March 3rd and any hawkish comments will drive EURUSD closer to our target. Rising fuel prices is likely to cause further rise in inflation, which could lead ECB to start increasing interest rates ahead of Federal Reserve. ECB has so far kept the rates low at 1% and Fed at 0-0.25%

Last but not least, NFP numbers comes out later in the week as well.

EURUSD Trading Plan

For now look for long on any dips and if price breaks and closes below 1.3700 then it could lead to a reversal and drive price even lower.

Have an alternate point of view? Leave a comment below.

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