We published an analysis on 3rd August considering some bearish indications which was suppose to pull down AUDUSD towards 0.7105, emphasizing on the daily chart being  below our 38.2%fibb level as well while the relative strength index also lyes under pressure of the dovish sentiments. Australian dollars weakness was being dominated by the increasing numbers of covid-19 infectants which in return is hitting the economy due to heavy lockdown.  When we move to analyzing the wave structure and elliot count. But now after observing Aussie holding onto the weekly support area i.e 0.73200 and failing to break out from this level has changed the scenario towards favoring the hawks. The expectations of 5th wave still being in process under daily time frame has been denied and more chances of a bullish reversal from the current market price are being activated. 

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

According to our market forecast, we will be suggesting to buy Australian Dollar versus U.S Dollar from the current market price because the expectations of a bullish corrective wave taking place from our strong weekly support are high. MACD in daily time frame has shifted its head towards the hawkish zone while in four hourly chart the bears are already loosing the edge. Our stop loss will be at 0.7280 and targeted destination at 0.77200. There are still chances of the market moving in accordance to our bearish indications published in the previous article and head towards 0.72000- 0.71100 if the Aussie Dollar provides us with a bearish impulsive breakout below our weekly pivot. 

HAWKS POSITIONING FOR AUSSIE

Aug 11 2021