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Market View

A potential bullish formation for AUSSIE

Thursday, September 6, 2018 1:49 PM GMT

AUSSIE has been surging since the end of January while yesterday the pair hit almost the low of December 2016. Furthermore, this low comes in confluence with the strong support of Fibonacci’s 161.8 level.

Heading to the technicals, the SO and CCI are forming positive divergences. Also, SO just crossed above the oversold level (20). Regarding CCI, the indicator was highly oversold (lower than 220) while it is currently breaking above -100 level, showing a potential bullish bias.


Going to H4 timeframe, the short term EMA (5) is crossing over the mid-term EMA (14). If the four-hour candlestick closes above the previous high (0.72), then the bulls may have an interesting buying setup.


Our today’s agenda includes important economic data like Factory Orders (MoM) (Jul), ISM Non-Manufacturing PMI (Aug) and FOMC Member Williams speech. Therefore, traders may expect volatile price action during today’s session. Therefore, traders should be cautious with their trading decisions because it is expected high volatility in the market during the day.

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