The Aussie last week has been meandering around the 1.04 level, note the average true range per day is about 60 pips.
We have potentially very strong support at 1.0360 level and solid resistance at the 1.0475 level which where last weeks low and high respectively.
I have attached a chart with 1 hour candles (trying to be more professional
) with important levels thanks to Koala and Elmar for pointing out some solid levels. Note the big bounce off the 1.0400 level earlier last week and then off the 1.0390ish level a couple of days later and then off the 1.0360 level near the end of the week. So you can clearly see the lower lows and higher lows. So this suggest a downwards trend developing but I ain't betting on it yet.
Generally from what I have read there is bearish sentiment at the moment and also the 200 sma (white line) at close is above the price action.
This week we have building approvals announcements but more importantly an interest rate decision although many folks suggest this will stay at 3% but this is not written in stone so be warned and if it differs expect some volatility!
I have no trade plan yet going to be a patience Koala and see what the week brings
Also any comments or suggestions for improving my chart analysis let me know. Is the hour chart good to go by??? Thanks
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