AUDUSD – Price Showing No Winners Yet

07 May - AUDUSD Daily

(Click on image for larger view)

Hi All,

Just a quick update on the AUDUSD pair. Looking at the daily chart above, price seems to have been chopping side ways for awhile now. The support level of 1.02, which I highlighted in my video (see video), has been working hard to defend itself.

07 May - AUDUSD 4Hr

(Click on image for larger view)

Moving down to the 4 hour chart, we can see clearly that both the buyers and sellers are in war. The descending triangle above shows that the 1.02 has been tested twice and, as I write, it is being tested for the third time.

Can the buyers defend its territory? Or will the sellers keep charging south? In my view, there is no signs of who the winner is yet and this is evident on both time frames above.  However, once I find the winner, I will follow it. But until then, let’s find something else to trade.

Ps. Note that there is a Red news by Reserve Bank of Australia at 5.30am GMT today. 

Thank you for reading and happy trading!!

 

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