Pretty straightforward analysis here. Expecting continued upward movement to test the critical zone. As we hit 0.74600, I expect a 50% fib retracement, and another march back to the critical zone. If a trade develops, I will update this idea with exact targets and stop loss.
Whether or not AUDUSD breaks past this key level will depend on fundamental data coming out over the next week. On Tuesday, the RBA will come out with a rate statement, and later with GDP q/q. Weak NFP data and FOMC looming on the horizon have me on the USD currently.
The reason I am going to the 4HR timeframe for this pair is because if I do buy AUDUSD , I do not want to hold my trade past Wednesday. The complete trade setup can easily develop itself over a 1-2 day period. We have general elections in the UK on Thursday, which will be a great day to be trading!
Currently waiting for either continued retracement or another test upward and deeper into the zone. We are getting closer to a trade signal forming!
The thing I love about trading is that no matter whether you are right or wrong with your analysis, you can still make money.
As a trader I don't trade my analysis I trade my plan!