"This one just bounced off support" - will the bulls prevail?
- Boon Hooi
- Feb 5, 2020
- 1 min read
The RBA kept the Aussie interest rates on hold yesterday but today's comments indicates that there could be more cuts ahead. The charts will give us the indication.
Market Analysis - AUDUSD at support
Price bounced off the support levels on the daily charts around the 0.6675 levels. We could be potentially looking at a very significant bounce off these support levels.
AUDUSD H1 Chart - Bearish Shark Pattern forming
With this last hourly very bullish candle forming, I am more biased towards a bullish move. High probability that this Bearish Shark might fail. Hence will not set and forget a sell limit trade, but instead observe and wait for a reversal.
Else, a break above the resistance trend line will confirm the bullishness and I would try look to turn long instead. Let's monitor this closely.
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