ridethepig | Giant Panda Bidding AUD
After the latest round of Dollar devaluation it is an important chart update to make in AUDUSD. The strategy is clear after the breakup of the July downtrend, and is providing the basis for a multi-year bounce:
With the test of the lows in the reactionary demand zone, we have AUDUSD forming a very typical double bottom pattern from speculators. The measured break of 0.690x will complete the bottom this year and imply the pair will take back 0.70 very soon after.
A quick recap of the current longs:
From a macro perspective, the USD devaluation is only just getting started and is very bullish AUD. Those following in the Telegram will remember well when we spotted the PBoC on the bid all summer, a subsequent clue to the large macro theme that will fuel the rally.
Thanks ... Please feel free to jump into the comments with your ideas and charts around AUD!
With the test of the lows in the reactionary demand zone, we have AUDUSD forming a very typical double bottom pattern from speculators. The measured break of 0.690x will complete the bottom this year and imply the pair will take back 0.70 very soon after.
A quick recap of the current longs:
From a macro perspective, the USD devaluation is only just getting started and is very bullish AUD. Those following in the Telegram will remember well when we spotted the PBoC on the bid all summer, a subsequent clue to the large macro theme that will fuel the rally.
Thanks ... Please feel free to jump into the comments with your ideas and charts around AUD!
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