Normal
The Australian dollar broke convincingly above 66c following the employment report, and has now fully recovered losses sustained over the past week. The bullish momentum of the past two days likely invalidates any hope of the potential head and shoulders pattern I noted in today’s Asian open report.The 1-hour chart shows strong bullish momentum heading into 0.6620. It trades above the high-volume node of the prior decline and seemingly on track to head for the 0.6650/60 region. Yet this is not an easy market to be bullish on at these levels, from a reward to risk perspective.Bulls could either revert to very low times to seek bullish continuation pattern on the assumption AUD/USD will continue higher. Personally, I’d prefer to see a retracement on the 1-hour timeframe before reconsidering its potential for a swing trade long, above or around 66c or the weekly pivot point.
The Australian dollar broke convincingly above 66c following the employment report, and has now fully recovered losses sustained over the past week. The bullish momentum of the past two days likely invalidates any hope of the potential head and shoulders pattern I noted in today’s Asian open report.
The 1-hour chart shows strong bullish momentum heading into 0.6620. It trades above the high-volume node of the prior decline and seemingly on track to head for the 0.6650/60 region. Yet this is not an easy market to be bullish on at these levels, from a reward to risk perspective.
Bulls could either revert to very low times to seek bullish continuation pattern on the assumption AUD/USD will continue higher. Personally, I’d prefer to see a retracement on the 1-hour timeframe before reconsidering its potential for a swing trade long, above or around 66c or the weekly pivot point.
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