Weekly Overview of the Aussie Dollar
There will be no major Australian economic news this week. The tentative date for Australia’s Annual Budget release has been pushed back to 8th July. Although there is no major Australian economic news this week, traders should take note that Non-farm Payrolls will be released on 2nd July, Thursday. It has been pushed forward by one day as 3rd July, Friday, is a Bank Holiday due to Independence Day. The Non-farm Payrolls is known to cause volatility in market especially in USD related pairs therefore, traders should take caution when placing trades this Thursday.
AUDUSD Daily Chart
Last Monday and Tuesday, AUDUSD moved up before being rejected at the 0.697 level. From midweek till Friday price failed to close below the opening price of the week. A point of concern would be the formation of the Bull Flag. Taking the Bull Flag into consideration, traders may consider reducing position size of their current AUDUSD Bearish Bat short open trades.
AUDUSD H1 Chart
In the short term, AUDUSD H1 shows a downward channel and the current bias is to short the pair. Traders who decide to short should have their stops set slightly above the previous high.
AUDJPY H4 Chart
This week on AUDJPY, price moved sideways after running into the demand zone at 72.67 level. Traders who entered based off the Bearish Bat will have to wait for further movement in price. Traders who have taken this trade at a higher price may consider moving stop loss to entry for a risk-free trade.
The also showing a potential Triangle formation, adding on the bearish bias.
GBPAUD Daily Chart
Friday’s candle on GBPAUD closed on a bearish note with a little more to go for completion at our reversal zone. If this Bullish Bat pattern completes in the coming week, traders may consider to go long if they have a similar bullish bias. Traders must manage their position sizing to ensure it is within their risk tolerance as this pattern is on a daily chart.
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