As per my previous idea, I was looking for a long trade on AUD/USD. Price was sitting in a bullish trend and had just bounced off the support and 200EMA on the 4hr chart.
Since then, we have seen some nice upside movement, but it has pulled back at times too. From looking at the 1hr and 30m charts, there is some clear resistance at around 0.63790 with price failing to clear that level on a few candles.
My thoughts now is that price may pull back to around 0.63200, a previous support zone, which pretty much intersects with the bullish trend line. What is fascinating is that 0.63200 is likely to be where the 200EMA will be trailing also. Thus, to me this looks like an area where serious support could be found, and a continuation of the current uptrend is likely to be seen.
Therefore, if this does play out as anticipated in the early stages of next week, I will maybe look to place another buy at around 0.63200 and try to capture more profit from the uptrend. I will update as the currency makes its next move.
As ever, this is just my ideas and not a guideline. Use proper risk management in ALL trades.
Since then, we have seen some nice upside movement, but it has pulled back at times too. From looking at the 1hr and 30m charts, there is some clear resistance at around 0.63790 with price failing to clear that level on a few candles.
My thoughts now is that price may pull back to around 0.63200, a previous support zone, which pretty much intersects with the bullish trend line. What is fascinating is that 0.63200 is likely to be where the 200EMA will be trailing also. Thus, to me this looks like an area where serious support could be found, and a continuation of the current uptrend is likely to be seen.
Therefore, if this does play out as anticipated in the early stages of next week, I will maybe look to place another buy at around 0.63200 and try to capture more profit from the uptrend. I will update as the currency makes its next move.
As ever, this is just my ideas and not a guideline. Use proper risk management in ALL trades.