Trading Scenario: According to our analysis last week our projected target's on this pair are 0.9000 followed by 0.9100, which was achieved today.
AUDUSD again broke above 0.9000 psychological level and now currently trading marginally below 0.9100 critical resistance level. As we look into the charts, AUDUSD broke above daily bearish trendline, but we must keep in mind that it is still trading below 0.9100 level.
0.9100 is 78.6 fib level from its fall from 0.9381 to 0.8058, which is a key level to watch. AUDUSD is still in a bullish channel. We must be cautious on 0.9100 level, there could possibly be a Lion In The Sand.
Our scenario is if price was able to break above 0.9100 doors will open up targeting 0.9173, 0.9340. If price was not able to sustain above 0.9100 and breaks below 0.9000 doors will open up targeting 0.8950, 0.8900, 0.8850.
AUDUSD has significant support at 0.8850 level, any break below 0.900o will be targeting 0.8850.
Note: 0.9100 is a significant key level for this pair.
Entry Strategy: Wait for the price to break above 0.9100 to go long or 0.9000 to go short
Trade Suggestion: If AUDUSD breaks above 0.9100 and was able to sustain go long targeting 0.9173, 0.9340
Alternate Trade Suggestion: If AUDUSD breaks below 0.9000, go short targeting 0.8900, & 0.8850.
Most Aggressive trades will go short on failed attempt to break 0.9100 targeting 0.9000, 0.8900, 0.8850. ( Must be very cautious as daily broken bearish trendline comes in the way )
Trend Direction: Bullish
Weekly Trend Reversal Level: 0.8900
Key Support Levels: 0.9000, 0.8960, 0.8900, 0.8850, 0.8800
Key Resistance Levels: 0.9100, 0.9230
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