Will AUDUSD go up after interest rate meeting?

Will AUDUSD go up after interest rate meeting?  Date: 3 Dec 2019 

AUDUSD H4 and Daily charts trade idea: INTEREST RATE DECISION      

Queenie Wu

Important: Reserve Bank of Australia (RBA) will have interest rate meeting today   (3 Dec 2019) at 03:30 GMT (11:30am HK time)

Trading zone: TMA channel range (0.67225 – 0.69220)

We can use pivots points to recognize key levels.

Consider Support and resistance:

Strong Support at 0.67378 & 0.67624

Strong resistance at 0.68664 & 0.68418

See diagram for the KEY levels shown by the pivot indicators

Strategy: Daily chart N buy strategy – set Buy stop at 0.68267

Daily Chart: Currently, AUDUSD at 0.68190, we are in the middle of the TMA Channel. We have strong trend reversal Up at 0.67624 support level from the previous candle.

4H Chart: Up trend candles are exhausting. 

We were close to the ceiling of the channel near the Support 1 level 0.68189

Check reversal point in H4 diagram: 0.68267? NOT confirmed yet.

We do not know if it will reverse downward from the channel ceiling or not.

Trend direction: use Identify trend indicator: UP in both D and H4 charts

Expected direction: may go UP after interest rate meeting if RBA keeps the ongoing interest rate, AUDUSD will likely to go bullish.

Entry point: D1: Buy stop at 0.68267

Exit point: H4: We can use the Resistance level 2 and Resistance 3 to exit at TP1 and TP2.    TP1: 0.68418   TP2: 0.68664   TP3: 0.69145 (Top of the Channel)

Stop Loss (SL): 0.68151 lowest point of previous candle

If SL is triggered, we may consider change to use reversal strategy downward from the channel ceiling of H4 diagram.


AUDUSD  Daily: Go up after interest rate meeting of RBA?  Buy stop at 0.68267



AUDUSD 4H: reversal or not?

 
Result: Buy stop was triggered.  AUDUSD goes up as expected after the interest rate meeting