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  • Italian PM Conte convenes cabinet for Tuesday to inform ministers he is resigning - Cabinet office $EUR Confirming earlier reports
  • Gains on $WTI Crude have stalled out this month below $54.00. The commodity is currently trading around $52.30 after falling to a two-week low late last week. $OIL $USO
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  • AUD/USD still tracks the opening range for January amid the limited reaction to Australia’s Employment report. Get your $AUDUSD market update from @DavidJSong here:
  • The focus will shift as to whether Conte will search for a new parliamentary majority As a reminder, PD Lawmakers noted that they would guarentee support for Conte as head of new government if he resigns $EUR
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  • BoE Governor Bailey: - Digital innovations in payments are here to stay - Haven't yet landed on the appropriate design for a lasting digital currency - Doesn't think cryptocurrencies are lasting yet #BoE $GBP
Pre NFP Action Yields AUD/USD Consolidation

Pre NFP Action Yields AUD/USD Consolidation

Walker England, Trading Instructor,

The AUD/USD for two years dominated as one of the FX markets strongest trends. This strong upward momentum culminated in a trend high printed on July 27th at 1.1079. Over the last four months, price has failed to yield a higher high. A quarterly low printed on October 4th at .9386, but no continued downside action has been seen since this point.

The AUD/USD continues to be the predominant “risk on / off” currency of choice. Fundamentally, the Aussie currency will advance on a better than expected global economic outlook. Tomorrows NFP, Non Farm Payroll, economic announcement will give us insight into the current state of the US economy. A positive or negative number could reflect a break to higher highs on our currency or a resumption of our short term downtrend.

Pre_NFP_Action_Yields_AUDUSD_Consolidation_body_Picture_1.png, Pre NFP Action Yields AUD/USD Consolidation

Taking Price in to a 4Hour chart we can see the AUD/USD consolidate in a traditional triangle pattern. Resistance is formed by joining the standing highs from July 28th and October 28th. Support is created by joining the October 4th and November 23rd lows. Traders looking for continued consolidation, or maintaining a bearish bias may look to sell against resistance. One plan of action is to place entry orders where our trend line and Fibonacci retracement levels meet.

Pre_NFP_Action_Yields_AUDUSD_Consolidation_body_Picture_2.png, Pre NFP Action Yields AUD/USD Consolidation

My preference is to place entry orders to sell the AUD/USD at resistance near 1.0510. Stops should be above our trend line at 1.0610. Limits should look for a minimum of 200 pip minimum target for a clear 1:2 Risk/ Reward scenario. Secondary targets can include the triangle low near .9860

Alternative scenarios include price breaking out above current resistance levels.

Additional Resources

Trading Symmetrical Triangles

Trading Breakouts

Identify the Trend

---Written by Walker England, Trading Instructor

To contact Walker, Follow me on Twitter at @WEnglandFX.

To be added to Walker’s e-mail distribution list, send an email with the subject line “Distribution List” to

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