Hi Traders,
Today I am looking at AUD/USD, I can spot a very simple setup on the 30 min timeframe with multiple confluences coming into play,
Firstly price has rejected a previous level of resistance at 0.7070. The price has consolidated throughout the Asian session and gave a strong bullish engulfing candle on the London open indicating that we may now have some buyers stepping in. apart from that I love that price has created a minor resistance at 0.7088 and then broken the level with a strong engulfing candle.
I will be waiting for price to retest this minor support and start rejecting it so I can get ready for a buy position. I would love to see wick rejections at the level as well.
I will be keeping an eye out for the minor resistance at 0.70980 It should not give us too much trouble if price begins to push with strong volume, but just stay focused.
plan your trade and trade your plan.
Renaldo Philander
Today I am looking at AUD/USD, I can spot a very simple setup on the 30 min timeframe with multiple confluences coming into play,
Firstly price has rejected a previous level of resistance at 0.7070. The price has consolidated throughout the Asian session and gave a strong bullish engulfing candle on the London open indicating that we may now have some buyers stepping in. apart from that I love that price has created a minor resistance at 0.7088 and then broken the level with a strong engulfing candle.
I will be waiting for price to retest this minor support and start rejecting it so I can get ready for a buy position. I would love to see wick rejections at the level as well.
I will be keeping an eye out for the minor resistance at 0.70980 It should not give us too much trouble if price begins to push with strong volume, but just stay focused.
plan your trade and trade your plan.
Renaldo Philander