AUDUSD Weekly Forecast for 10th -14th 2020
- Last week was looking for a pullback then further declines. Price showed bearish formations at my key level for pull back then down to my first target set @0.6670
- Starting this week with my first target set as my last weeks target 2
- So looking for potential bearish moves down too @0.6605, keeping in mind any...
AUDUSD Weekly Forecast for 3rd -7th 2020
- Last week Target 1 hit @0.6800 + Target 2 hit @0.6785
- Market contunied bearish to my next key levels @0.6725 and @0.6680
- Going into this week with a breaish structure
- Have set first target @ 0.6670 and my target 2 at 0.6605
- Austrailia has the closest trade links with china from majority of other pairs so because...
Third touch of the trendline
Fib golden pocket (61.8 - 71%)
Fib time zone (1.5 - 2)
Should see a nice short happening (intraday idea)
1. This profile is for educational purposes ONLY!
2. The setups given are my own perspective of the forex market and by no means require action!
3. Trading involves risk, past profits do not guarantee future...
The rise of audusd temporarily ceased due to MPP (P) 0.74689 and WePP (R1) 0.74786.
If it invert from here and attack YPP (S1) 0.72900, expectations for downtrend increase.
However, the penetration to YPP (S1) remains as difficult as the previous idea.
Most recently I will consider transactions with a story aiming for YPP (S1) attack.
1) MPP (P) 0.74689 and...
big risstance right here on 1D chart downtrend confirmed by indicators more so in 4h but reverent in 1D.
setting my stop around 0.77160 ( maybe slightly higher ) just above major resistance
i believe it will return to the bottom of the long term trend channel (green line) but going to adding/removing positions at each support/resistance depending on market...
here we have a good oppurtunity to short Aud/Usd and possibly most other AUD pairs as it is extremely overbought and has also tested the weekly trendline resistance and dropped. Right now, we have a possible H&S pattern on the 4 hour tf and price is right under a 4 hour trendline resistance and also fib 61.8 resistance. Very good risk to reward on this high...