Momentum is slowing down on AUDUSD as well.
After a strong bullish impulse, we see that the market is trading within a narrow rising channel .
In case of bearish breakout we can short the pair.
Target levels will be
Stop will be above the highest point of the channel.
AUDUSD - Shorts
C move complete of an ABC move on 4HR TF
Equal measured move.
With trade talks going well expect some dollar strength.
any questions drop me a message or a comment
happy to help
Price previously broke through the support and is showing potential to re-test and continue moving bearish to our target at 1.07667. Stop loss is marked at red price level and entry at the grey price level.
Risk to reward 1:2
Equity risked 1% risk no more than 2%
I still believe these need to get back and correlate with each other somehow.
which means there need to be major dollar weakness somewhere along the line.
Could this be the start of it.. maybe the US/China trade war will go badly....... but i cant see it.
The only time I love trading breakout is during news releases. One of such will likely present itself later today during FOMC meeting minutes release later today. With AUDUSD showing a falling wedge on H4, a long trade at 0.67426 could land a quick pips
As we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=0.673.
But the short term forecast is range bound, so we expect to reach the following targets:
Set the stoploss of these orders at breakout of S2=0.672.
Stop and reverse:
If trend gets reversed, sell (stop) orders will be opened at breakout of...
AUDUSD (4H) - short term bullish bias
The aussie found strength to push back after five attempts at the 0.6680 support zone. It seems buyers have regained control for now. The first upside impulse was met with more buying interests at the 61.8% (0.6710) Fibonacci retracement level. What is happening now could be the fourth corrective wave and we can expect the...