Basic fib clustering technique combining multiple timeframe trend analysis to get high accuracy entries with a larger R:R.
Using the current 4hr bullish trend to enter a long trade on the ent higher low, Fib & TL bounce.
I am aiming for the target trend fib -0.27 extension to maximise reward:risk ratio.
. There is a possibility of temporary retracement to suggested support line (0.6735). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. AUDUSD is in a range bound and the beginning of uptrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance....
We are taking a look at Aussie dollar versus US dollar on our trading view channel today. We have taken the daily chart to show the support level the market has found dating back to January flash crash as well as the descending channel we have been trading in for many months now. We are looking for a bounce from this support area at 0.675 area up...
Trading week ended in undecided whether the bears should continue dragging the currency pair down or bulls should start taking the pair upward. Next week will be an interesting runs for AUDCAD.
A risk/reward of 1:3 could be in play. However, in other to achieve this, resistance at 0.90295 and 0.91000 needs to be violated by the bulls to push the pair to profit...