Hello everyone,
Finally, we have come to the close of March, the first quarter of the year, and a time to reflect upon our trading results.
Before we vet our performance so far, let’s check our charts to see if we could still milk out some pips before the weekend.
1. AUD/USD
A clean bearish breakout (0.70775) from an ascending channel of the AUD/USD can be seen on the 4 hours chart.
To start with, there was a failed bullish move this morning, after the U.S Dollar GDP news came up at about 1.30 pm GMT. The strength of the U.S dollar completely crippled the Australian dollar.
After the support breakout formed by the bearish Marubozu candlestick, the 3 pm candlestick formed afterwards, still showed the continued strength of the USD.
If the 3 pm candlestick remains bearish after the 7 pm candlestick emerges, we may most likely see price hit it’s next possible support level (0.70083).
Mind you, it’s a Friday. Trade with caution and keep Mr Greed at bay.
Do have an awesome weekend and see you again on Sunday for our weekly analysis.
Cheers…
