AUD/USD READY TO LAUNCH? CHECK THIS OUT
Hi Traders
We have an extremely interesting set up starting to develop on the Aud / Usd.
We will break down what has happened over the past few days and what we are hoping to see in the coming days and weeks:
• Over the past few weeks this pair was stuck in an ascending channel which we know is a reversal pattern and we expected at some point for this channel to break. The channel has since broken, and we would now like to see a retest of our channel with confluence at our structural area plus some Fibonacci key levels making this an extremely high probability set up.
What can we see looking left?
• The first major catalyst for this trade is the market appears to have for now found some good strong major support at roughly 0.70 – 0.704 paving the way for us to hopefully see this retracement come into fruition.
• From the daily time from we can see the major descending trend line and there is the potential for price to meet up at all three of our strategical zones. These being one of fibs levels (0.618), the structural zones marked (0.733 – 0.734) and intersecting the trend line. If it does this will give us a very good opportunity to get out of our long position and into a longer-term short position. We will look at that in a few weeks.
What do we see looking forward and looking right ?
• Looking forward we had marked on our 4 hour chart our trigger point for taking this trade. In this scenario the trigger point was the break of our “Watch For Break” (WFB) trend line. After the break we always like to see a retest of our structural area at the “WFB” zone and market is currently doing this.
• We will enter this position likely at the start of the London session as we tend to see the market recoup any gains or losses it has made during Tuesday’s Asian session.
Let me know in the comments below if full break downs like this are helpful and if you would like me to go into more detail for anything illustrated on the charts.
If you agree with this idea, be sure to hit the thumbs up and if you haven’t done so already follow for more set ups like this and full breakdowns.
Thanks in advance,
The Fx Chartist
We have an extremely interesting set up starting to develop on the Aud / Usd.
We will break down what has happened over the past few days and what we are hoping to see in the coming days and weeks:
• Over the past few weeks this pair was stuck in an ascending channel which we know is a reversal pattern and we expected at some point for this channel to break. The channel has since broken, and we would now like to see a retest of our channel with confluence at our structural area plus some Fibonacci key levels making this an extremely high probability set up.
What can we see looking left?
• The first major catalyst for this trade is the market appears to have for now found some good strong major support at roughly 0.70 – 0.704 paving the way for us to hopefully see this retracement come into fruition.
• From the daily time from we can see the major descending trend line and there is the potential for price to meet up at all three of our strategical zones. These being one of fibs levels (0.618), the structural zones marked (0.733 – 0.734) and intersecting the trend line. If it does this will give us a very good opportunity to get out of our long position and into a longer-term short position. We will look at that in a few weeks.
What do we see looking forward and looking right ?
• Looking forward we had marked on our 4 hour chart our trigger point for taking this trade. In this scenario the trigger point was the break of our “Watch For Break” (WFB) trend line. After the break we always like to see a retest of our structural area at the “WFB” zone and market is currently doing this.
• We will enter this position likely at the start of the London session as we tend to see the market recoup any gains or losses it has made during Tuesday’s Asian session.
Let me know in the comments below if full break downs like this are helpful and if you would like me to go into more detail for anything illustrated on the charts.
If you agree with this idea, be sure to hit the thumbs up and if you haven’t done so already follow for more set ups like this and full breakdowns.
Thanks in advance,
The Fx Chartist
