AUDUSD - Daily - It needs to calm down a bit.
We are stuck in this channel on the Daily chart, which will be a sweet spot for an entry, once it gets broken.
There isn't a lot of news from Australia this week, so the focus is on the US. We have that Government shutdown nonsense, which I believe ended yesterday. The DXY is quite low and the news keeps talking about, how USD is week and unattractive. I find this to be a Bullish signal, as we all know the saying: "Buy the rumor - Sell the news". In this case, do the opposite, start BUYing USD with a careful SL.
Looking to test the bottom of the channel first and then, depending on the price action, maybe break it to the downside. A test of 0.78975, could potentially be a good level to be reached, as that is last year's October high.
Scrap this whole idea, if we will start seeing strong rejections of the bottom of the channel and a move back to the previous high at around 0.80200-0.80300 .
Keep an eye on the price action!
There isn't a lot of news from Australia this week, so the focus is on the US. We have that Government shutdown nonsense, which I believe ended yesterday. The DXY is quite low and the news keeps talking about, how USD is week and unattractive. I find this to be a Bullish signal, as we all know the saying: "Buy the rumor - Sell the news". In this case, do the opposite, start BUYing USD with a careful SL.
Looking to test the bottom of the channel first and then, depending on the price action, maybe break it to the downside. A test of 0.78975, could potentially be a good level to be reached, as that is last year's October high.
Scrap this whole idea, if we will start seeing strong rejections of the bottom of the channel and a move back to the previous high at around 0.80200-0.80300 .
Keep an eye on the price action!