Ticker tape by TradingView

July 30, 2021

The Aussie Buck Is Now Bearish- Further Downside Ahead

Frank Cabibi

7/30/2021

The Australian military was sent to enforce a lockdown in Sydney where residents are forced to stay inside for an extended period of time as cases spike. This quarantine period has been scrutinized because of their failure to contain the number of cases while people are inside.

Our outlook:

The fact Australia has to shut down again is a good thing for public health but not for the economy and the buck. Although the US dollar looks weaker after the Fed news on Wednesday where they said interest rates will stay low for a long time and tapering will not happen any time soon, Australia's economy is taking a step backwards. Against most major currencies, the buck now looks much weaker.

Trade Setups

AUDNZD

AUDNZD fell under the lows on the 1D chart and now could be heading towards further lows around 1.04299. If price does bounce at this level, we could expect a lower high to form on the daily chart.

AUDJPY

AJ retraced off its 200 DMA paired with a resistance level which looks like a tough level to break above. The pair tried to test it a second time but ended up coming back down again. If the pair makes a lower low on the 1D, it could signal more of a bearish move next week.

AUDCAD

AC broke under support on the 1H and 4H timeframes and tried to test that level before pulling back again. Price is currently on long term support from November of 2020, so a break under this level would probably mean a drop to the .90637 level.

EURAUD

This pair looks increasingly bullish on the 4H as price hits higher lows and highs while forming a stairstep upward. Support around 1.61002 should price dip before attempting a higher high. The pair's recent break above its long term channel is also a bullish sign for the pair.

A1 Edgefinder

FLASH SALE
Take 40% off the Edge finder using code "READER"
GET ACCESS NOW

want to see what we're trading?

Join The VIP Community!
Our entries, exits & analysis
Live Webinar Coaching
Trading Chatrooms
Strategy Library 
Exclusive Trading Guides
Use Code "READER" for 10% OFF!
JOIN NOWJoin FREE Discord
A1 Trading Podcast
How These Factors Will Impact Oil Now

Oil prices have surged this year and have recently pulled back from the highs. However, there are some factors right now that will heavily influence the price of commodities in the long term. And it's important that we go over them so when the time comes, we'll have a better understanding of how to trade […]

Read More
We Like These Pairs For Next Week

As this week comes to a close, we are looking ahead at future setups that could be some of the best opportunities for the next several trading sessions. Here are some pairs for next week that we are looking at. EUR/JPY Recent data has shown a slow down in the German manufacturing sector. With European […]

Read More
More Downside On The SPX500 After This?

When it comes to testimonies, it's all in how you say it. Jerome Powell has to be very particular in the way he makes his statements and answers the ensuing questions. Here is what might be in store for the market in the coming days and weeks, and whether or not there will be more […]

Read More
DISCLAIMER: All comments made by TraderNick’s Forex Group, LLC are for educational and informational purposes only. All comments should not be construed as investment advice regarding the purchase or sale of any securities or financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities or financial instruments mentioned by TraderNick’s Forex Group, LLC. TraderNick’s Forex Group, LLC assumes no responsibility for your trading and investment results. All information on any of the platforms utilized by TraderNick’s Forex Group, LLC was obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. TraderNick’s Forex Group, LLC, its employees, representatives, and affiliated individuals may have a position or effect transactions in the securities and financial instruments herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves very high risk and may not be suitable for all investors. TraderNick’s Forex Group, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment result. Read our full disclaimer here
homescreensmartphone linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram