AUD/USD MONTHLY LOW, POTENTIAL BULLISH SWING/POSITION TRADE

20. Juli 2019

Price Action (Technical Analysis): Current Price has just broke above a key monthly swap level (Respected Support & Resistance Level), knowing our rules to price action after breaking a level of structure minor or major we expect a pull back testing the previous structure before entering the trend. We sat through a couple of weeks in a consolidating market accumulating pressure for a big breakout. 2 Days ago we got that break above & an exhaustion. I'm anticipating an uptrend pennant to form building momentum before price attempts to break a highly respected trend line & before price continues to shine above key levels of structure. I am anticipating if price does break out the trend, the logical reason to enter would be confirming the correction at a key retracement ratio & previous structure pull back. Assuming this all goes down, we eye down potential areas to exit which would be our psychological levels 0.72000 & in between 0.73500-0.74000. Further Analysis will be made if price continues to break higher...

Fundamental Analysis: With polls evening out in orders to go Bullish or Bearish. This upcoming week we have various high volatile folders which will definitely either push our pair up or down. If we see AUD turn out with a hawkish policy by cutting rates we will see price advance higher but to not be oblivious to the fact we also have to speculate USD News which can dump our entire Bullish analysis.