Martinspoon

AUD-USD Finding Support within a PSR?

Long
FX:AUDUSD   Australian Dollar / U.S. Dollar

Hello Traders... We might have a trade brewing up here to the upside. I have marked previous areas of support and resistance on the chart that may help give us a sustained move to the upside. There is also a confluence factors with our Fibs showing price has retraced deeply back to Fib 23.6. Note that price took out Fib 100 before it retraced. This could be an indication that when they resume the upside move, Fib 100 will not act as a resistance. They have already taken that out. So first port of call for our target should be Fib 127.2 or Fib 138.2. STOP is going to be at the lower of the u turn once we get our candle clear above the trend line. I hope this little helps and happy trading traders. Thank you.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.