A Double bottom right along the 61.8% Fibonacci level has me thinking of a long opportunity.
It's previous support, the ADX is crossing the DMI- and the RSI is leaving very oversold conditions.
I see this as a classic 61.8 - 38.2 fib play.
I am eyeing the 0.75 price for a short opportunity.
This is because:
Price has respected this level in the past
An AB=CD pattern is on the verge of completing right at the level
Price is overbought on the RSI
With the break down finding support at expected levels and a bounce back to resistance, I think we could see a further move to the downside. I'm shorting this at current market price with a target of 0.71820, again at previous support levels. Nice 5:1 potential profit-risk ratio here.
These are only my opinions. Comments, questions and suggestions are very welcome!
After a couple of weeks of selling for the Aussie I still think we are destined for the downside once again. if the market can come up to the kill zone around 0.74800 where there is significant Fibonacci confluence it will present an optimal opportunity to get short with an excellent risk reward. ill be looking for multiple rejections or double top or something in...
keeping the charts simple and clean saw this trade with AUD/USD
Analysed from monthly down to weekly chart saw that the candle bounced from the weekly resitance line which previously was a support line and headed to the downside. after the trade broke through the daily bullish trendline I waited for the candle to break a recent support line confirmed with a...
Looking for a move up to outside of upper value on AUDUSD. Price has consistently been supported by the 200DMA and we have had a break of a long term weekly trendline beginning in 2013. In addition, we have a Wyckoff bottom that has formed with completion at target indicated. Gold also looks like it could have a bullish run as I feel that the dollar bull run is...
There is a short wedge forming for AUDUSD which I would believe is setting up for a downtrend. The price is currently around the 0.786 retracement and I would look the downtrend to go towards 0.7333 (fib 0.618), which is an area that has shown support and resistance previously. If this trend does breakout upwards, I would however look for it to go to 0.82, which...
Im quite bearish on this , as there is heavy momentum coming into the dowside , this is a live trade I will taking myself , currently waiting for the 2hr candle close in the Asia session , Looking for a target of around the 0.74400
Following the recent false break of the months highs, price has broken below recent support levels and the rising trendline. I am now looking to short pullbacks. Preferably a failed retest of the trend-line around 0.76. I have highlighted potential areas for a bounce. Should price break below 0.75, things could get ugly pretty quickly.
Mainly technical analysis here, but I think the fundamentals support a break to the downside. I have an order in to short if it drops on opening with stops back above the channel support and the SMA 50, with limits set just above lines of support from earlier in the year. I'm hoping LIMIT 1 will be realised quite quickly, and looking to buy back 50% there, with...
SHORT TERM long , Im quite bullish on this pair , especially after last nights volatility , we may see AUD move out of its weekly range and possibly hit 0.84000 area in the coming weeks , keep a close eye. Trying to keep charts nice and clean.
Still learning but this seems to be a possible bat pattern if all targets are met and X to A hits the 0.886 retracement as shown.
I am still learning so any advice or constructive criticism would be great!
Hi traders, today i want to show you an opportunity i will be looking to over the next hours. This is a Gartley advanced pattern formation that completes near to a daily structure level.
My levels are:
Stop Loss: 0,7477s
Target1: 0,382 of AD
Target2: 0,618 of AD
Enjoy, and if you question don't hesitate to ask!
Good luck in the markets.