Hey traders, looks like there is potentially ample trading opportunities heading into this week. Here's the first of my charting from over the weekend.
First I'm looking at a bullish shark formation of the AUD/USD. Price has been charted on the 1 hour for greater detail of movement, but I will be looking for a sign of reversal from the current price level on the 4 hour chart. Price seems to have found good support on the 4 hour and daily chart, whilst also entering into a key support/resistance zone on the weekly chart (see below).
This week (London Time) we are seeing the Australian Consumer Price Index release early Tuesday morning (2% consensus) and US GDP figures on Friday afternoon. I believe consensus may already be written into the market, but of course any upset in the release data will cause imbalance in the market so this may be one to watch!
Shark ratios are as follows:
C = 1.13-1.618
D = 1.618-2.24
X to D = 0.886-1.13
This trade should have 1:3 risk, with your SL below the area of support (detailed below also).
First I'm looking at a bullish shark formation of the AUD/USD. Price has been charted on the 1 hour for greater detail of movement, but I will be looking for a sign of reversal from the current price level on the 4 hour chart. Price seems to have found good support on the 4 hour and daily chart, whilst also entering into a key support/resistance zone on the weekly chart (see below).
This week (London Time) we are seeing the Australian Consumer Price Index release early Tuesday morning (2% consensus) and US GDP figures on Friday afternoon. I believe consensus may already be written into the market, but of course any upset in the release data will cause imbalance in the market so this may be one to watch!
Shark ratios are as follows:
C = 1.13-1.618
D = 1.618-2.24
X to D = 0.886-1.13
This trade should have 1:3 risk, with your SL below the area of support (detailed below also).
Comment:
You can see where price has began to find support on the 4 hour as it enters into the weekly support and resistance zone AND approaches the weekly trend line.
