AUD/USD Intra-Day Fundamentals: RBA Cash Rate and 59 pips range price movement

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Press review

Sergey Golubev, 2016.08.17 16:16

AUD/USD Ahead of Employment Data - intra-day bearish; daily breakdown with correction (adapted from the article)

"The AUD/USD continues to decline from yesterday’s high at .7749. This move in price has been guided by a descending trendline, which is drawn below by connecting a series of swing highs over the last two trading sessions. Aussie traders should continue to monitor this line ahead of today’s employment data as an ongoing point of resistance. Expectations for AUD Employment Change (July) figures are set at 10k, and any deviation from this value may result in a significant shift in the short term pricing of the AUD/USD."

M15 price is on bearish market condition for 0.7614 support level to be testing together with ascending triangle pattern to below for the bearish trend to be continuing. If the price breaks 0.7614 support level to below on close M15 bar so the bearish breakdown will be resumed, otherwise - ranging bearish within the levels.

D1 price located above Ichimoku cloud in the bullish area of the chart. The price is started with the secondary correction on open daily bar for now with Chinkou Span line of Ichimoku indicator which is crossing the price to below for the good possible breakdown.

"The AUD/USD can currently be seen trading to new daily lows at .7615. The Grid Sight Index (GSI) is currently highlighting a short term downtrend, with the pair printing a series of lower lows in early trading. After reviewing 23,227,069 pricing points, GSI has indicated that price action has continued to decline 21 pips or more in 46% of the 13 matching historical events. Today’s primary bearish distribution is found at .7596. A move through this point would place the AUD/USD at both new weekly and daily lows."

• If the price breaks 0.7755 resistance level so the primary daily bullish trend will be resumed.
  
• If daily price breaks 0.7596 support to below on close bar so the local downtrend as the secondary correction within the primary bullish market condition will be started.
  
• If not so the price will be ranging within the levels.
  

• Recommendation to go short: watch the price to break 0.7596 support level for possible sell trade
• Recommendation to go long: watch the price to break 0.7755 resistance level for possible buy trade
• Trading Summary: correction
  

SUMMARY : daily correction within the bullish