The AUD has already received a boost courtesy of last night’s change of Australian Prime Minister. The AUD has made gains against the GBP and EUR and, to a lesser extent, against the USD. This move has brought some key S/R levels on the GBP/AUD and EUR/AUD back into focus.
GBP/AUD 30min: the 30 min charts offered a decent trend trade here during the late European session with a 160 pip move:
GBP/AUD monthly: thus, maybe now we might get that pull back to the 2.07 level I had been looking for:
EUR/AUD 30 min: the 30 min charts also offered a decent trend trade here during the late European session but with a 120 pip move:
EUR/AUD 4hr: traders now need to look for any bearish continuation and for a possible triangle breakdown on the 4hr time frame:
EUR/AUD weekly: for any bearish triangle break on the 4hr time frame traders then need to watch for any possible pullback to test the previously broken daily-chart based triangle trend line:
AUD/USD 30 min: the gains were much more modest on the AUD/USD but this is of no surprise given the wait for Thursday’s FOMC which is expected to impact the US$:
Summary: keep an eye on the GBP/AUD and EUR/AUD for any continued bearish activity in the wake of the Australian Prime Minister leadership change and in the lead up to FOMC.
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