From the H4 perspective, price is in an uptrend with recent price is moving in the ascending channel.
As we can see from the chart itself, the price was bounced off from the lower trend line of the ascending channel since early of May21 3 times with recent bounced off was near the key level support zone indicated as zone B.
Price likely to project downward at the beginning of the week due to temporary USD strength.
Thus, look for buy opportunity with confirmation near zone B till previous swing high of 0.7310.
Do take note that RBA is set to have their cash rate decision on coming Tuesday 1-June 1230pm (MYT) of which the rate is likely to remains at 0.10%, while the rate statement by RBA is expected to create some volatility on AUD as well as NZD due to close correlation between these 2 currencies.
Followed by RBNZ governor Orr speaks and Fed Chair Powell speaks at 4-June at 3pm and 7pm respectively.
Remarks from author
1)This analysis does not represent long or short trade immediately, it is solely on the author analysis
2)Trade at your own risk with proper lot sizing and follow your own trading plan
3)Risk management is always be the top priority
As we can see from the chart itself, the price was bounced off from the lower trend line of the ascending channel since early of May21 3 times with recent bounced off was near the key level support zone indicated as zone B.
Price likely to project downward at the beginning of the week due to temporary USD strength.
Thus, look for buy opportunity with confirmation near zone B till previous swing high of 0.7310.
Do take note that RBA is set to have their cash rate decision on coming Tuesday 1-June 1230pm (MYT) of which the rate is likely to remains at 0.10%, while the rate statement by RBA is expected to create some volatility on AUD as well as NZD due to close correlation between these 2 currencies.
Followed by RBNZ governor Orr speaks and Fed Chair Powell speaks at 4-June at 3pm and 7pm respectively.
Remarks from author
1)This analysis does not represent long or short trade immediately, it is solely on the author analysis
2)Trade at your own risk with proper lot sizing and follow your own trading plan
3)Risk management is always be the top priority
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