AUDUSD: Potential monthly uptrend spotted
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Maybe AUDUSD can rally even while DXY is moving up...I think it's possible that Trump's border wall could boost iron ore prices indirectly, thus giving AUDUSD the push it needs to detach from the now 11 month mode at 0.75248. If we don't retest this level during February, we could expect a sharp rally towards 0.82787 in the long term.
Sentiment is extremely negative for AUDUSD, which doesn't make any sense, given the relative strength in this pair, and the current daily uptrend, as well as the bullish signals in multiple timeframes, copper's strength, the relentless iron/steel rally, and Australia's fundamentals, both regarding GDP growth, as well as rate differential against other currencies, weighing in political risk, and also demographics. It's a bit hard to justify shorting it, so, let's try going long once more.
The daily offers a tight stop at 0.75827, but if you want, you can just use the monthly stop at 0.75248 for now.
Good luck,
Ivan Labrie.
PS: As a reminder, I'll attach the monthly copper chart, I think the lag in AUD against iron ore and copper can resolve in a violent breakout in this currency pair, effectively closing the spread with these commodities they export.
Sentiment is extremely negative for AUDUSD, which doesn't make any sense, given the relative strength in this pair, and the current daily uptrend, as well as the bullish signals in multiple timeframes, copper's strength, the relentless iron/steel rally, and Australia's fundamentals, both regarding GDP growth, as well as rate differential against other currencies, weighing in political risk, and also demographics. It's a bit hard to justify shorting it, so, let's try going long once more.
The daily offers a tight stop at 0.75827, but if you want, you can just use the monthly stop at 0.75248 for now.
Good luck,
Ivan Labrie.
PS: As a reminder, I'll attach the monthly copper chart, I think the lag in AUD against iron ore and copper can resolve in a violent breakout in this currency pair, effectively closing the spread with these commodities they export.
Not
Not
Not
Rings a bell?Not
Acting strong, hold.Not
One more day for the uptrend signal, it gets critical here.The do or die moment is near...if we don't break above the rate cut top here, and make a solid daily LOW above, we're screwed. If we do, we need to break the top of the election high, in the same manner, and then break above the highest daily low since
AUDUSD bottomed. That will be a massive feat and would warrant 'buying like CRAZY'.Not
Added a long here: Not
If we hold here for 1-2 days, we can be ready to break out and go higher once again.Not
AUDUSD is extremely promising, let's cross our fingers and wait for the monthly close Not
Great progress so far. I will add if we get a significant enough setback, for now, holding.Not
Potentially this is the breakout that resumes the strong rally.
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