The aussie dollar blew through the price targets that we set for this pair. The bulls wasted no time to gain territory to the upside and burst two levels of massive liquidity that we marked on the charts. We think the bottom is in and we will only see more upside from here. If there's any bearish momentum, it short lived and we are only looking for out buys.
BULL CASE
Price doesn't retrace much from here and start its immediate ascend towards 0.76. We will enter 1/3 of our positions at this level
BEAR CASE
If price needs to see a retrace before shooting up higher, we think 0.74 will form a floor for the price and we will enter the second third of our bullet here. We see 0.735 as the ultimate and last area of support that the bulls will want to hold in order for the bull thesis to be still valid. If price comes down to this levels, we will fire off our last bullet. We will avoid shorting this pair at all costs for this month.
BULL CASE
Price doesn't retrace much from here and start its immediate ascend towards 0.76. We will enter 1/3 of our positions at this level
BEAR CASE
If price needs to see a retrace before shooting up higher, we think 0.74 will form a floor for the price and we will enter the second third of our bullet here. We see 0.735 as the ultimate and last area of support that the bulls will want to hold in order for the bull thesis to be still valid. If price comes down to this levels, we will fire off our last bullet. We will avoid shorting this pair at all costs for this month.