As I earlier indicated in my article this week, I am expecting an upward push from the Dollar as a reaction from the Demand zone I have marked out. The PPI release earlier moved prices a bit but lacked sufficient momentum to cause a significant break of structure - and thus, no change of trend.
AUD/USD painted a triangle
2019-11-11 • Updated
BUY 0.7985 SL 0.793 TP1 0.8085 TP2 0.8335
SELL 0.7915 SL 0.797 TP 0.779
On the daily chart, AUD/USD formed a triangle. A break of its upper border will create conditions needed for an advance to 0.8000. On the other hand, it the pair quits bullish trend channels, risks of correction will strengthen.
On H1, there’s a “Widening wedge” pattern. The successful test of 0.7982 will allow bulls to keep moving up. On the other hand, decline to support 0.7918 will return initiative to bears.
"When I spoke at the Anika Foundation event last year, CPI inflation in Australia had been below 2 percent for a number of years and, in underlying terms, was just 1…
The decision of the Australian central bank pressed the aussie down. How to trade it now?
For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances
Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.
Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.