Weekly Analysis on Euro / Australian Dollar: Week 5

DISCLAIMER: Hi everyone, this is just a log book for me on applying everything that I have learned and continue to learn as I go along. That being said, I do not advise you to base your trading on these "ideas".

Alright so on Week 2 I was able to make a good almost 2% profit from my previous analysis. Last week we say the price go the opposite way, now lets see what we can expect from this week.

Daily: Alright, so here we see that there was a clear ascending trendline, once broken, it was tapped twice but unable to make higher lows. So this could lead me to believe that the price will keep coming down.

4hr: Alright so last week after the price rejected the ascending trendline and dropped it entered a small channel. Which is where I took a good long position and came out with a quick .25% profit, but I did leave some money on the table. Now we see the price dropped and entered into that channel again hitting the support area of the channel at around 1.52675 price. Quickly rejected it this week so far but lets see what we can see for this coming week. I would want to see a break out from that support area. Another thing I'm seeing is that the price has rejected 3 different resistance areas last week: 1.55218, 1.54940 and, 1.54594. So we have to wait and see if the price will stay in or break the channel.