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Forex Fundamental Analysis

Fri,23 Dec 2016-   TechnicalAnalysis

The previous day high of the pair AUDUSD was 0.72571 whereas previous day low of the pair was 0.71958. The pair is following a descending order wedge pattern as evident from the screenshot. As far as today’s analysis is concerned there is a high probability of bullish wedge breakout. The best time to go for long trade is when price breaks the wedge, in this case two target profits can be set: one at 0.72571, if there is still bullish trend continuity second target profit can be set at 0.73062 and further bullish trend can be continued if there is further bullish trend continuity but in case of pullback counter short trade opportunities can be availed accordingly. News related to USD: New home sales, revised UOM Consumer sentiment, revised UOM inflation expectations.

Aimen Tayyab

Financial Analyst