FX:AUDUSD   Australian Dollar / U.S. Dollar
38 1 0
My bias has now changed on this pair since last week:

Weekly - On the weekly I can see a second doji formed, this could show rejection of a possible downside move after the previous doji reacted as a rejection from the key level. Zooming out on the weekly time frame I can see a bullish wedge formation forming. Higher lows reacting on a valid trend line with consecutive rejections at the 0.7700 key level, this eventually could lead to a break of this level.

Daily - On the daily we all notice the strong bullish candle forming, showing the bulls are entering however this was due to the heavy fundamental news released on Friday.

4 Hour - On the 4 hour chart I can see a stop loss targeting play, market makers targeting a common stop loss placement to then go higher.

Hourly (Chart published) - on the above hourly chart this is the play I will be watching to see if I can get in on a valid entry. We are currently trading above the 50ema and it looks as if price has broken structure with the previous lower high being broken. However price has rallied to far to get on a perfect entry. I will be looking for price to retrace and show some hourly rejection at the highlighted area - this is the previous lower high and previous short term support. If I see rejection at this area I will enter long, with a great risk to reward and will be targeting the 0.7500 level.
This idea played out perfectly! smashing my upside target after retracing to the desired area.
Reply
EN English (UK)
EN English
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out