AUDUSD has just broken the 0.7619 fibbo support line as well as the 0.7586 upward trend support line and continues to look as heavy as you like with the US dollar rallying on the back of the recent FOMC meeting.
DXY looks strong and is set up to continue climbing.
Id therefore look to sell AUDUSD around 0.7575.
AUDUSD now broken a very big Daily trendline with momentum fading to the upside. Now we appear to have a Head & Shoulders pattern also forming with a clear rejection of the previous trendline now showing the path of least resistance should be down. I shall be awaiting a break of the neckline and a retest before entering a short position.
SHORT AUDUSD @ 0.7250
There is a lot of resistance around this level and we have seen a bounce in the $ index (DXY) at 92.48-50 level. Therefore I expect this pair to turn to the downside.
Short @ 0.7250
TP @ 0.7150
SL @ 0.73
We can see previously when price broke this level it dropped significantly to the highlighted level of support, I expect the same thing to occur
I see multiple points of divergence and price had dropped previously only to retest the area
I see a flag formation formed as well so once thats broken... BOOM big sell
Getting in this later with the following...
Previous when price broke this level it plummeted, im expecting price to do the same again now
I am waiting for support to be broken before entry but below is the signal i will use
AUDUSD - SELL
SL - 0.71552
TP - 0.64478
This week we saw price break through the key 69000 level and pullback into it strongly. Price formed a higher low from the previous swing coming in at 68380.
At these levels, we need to wait for further bearish price to come in to break the 68380 level. The break of the lows will be the opportunity to short.
Price is bullish above the 69640 level,...
The AUDUSD found some clean moves this week resembling a bullish trend forming. Price found rejection about the 200MA and the 69300 handle. This is due to the dollar pressure on good progress on the US-China deal.
Any good trade news is bullish for the AUD and the stochastic is showing a bullish cross too. If we can stay above 68750 we have a case to...
AUDUSD was travelling following a descending trendline. It broke out above the trend line, came back to retest before making a higher high. This is all confirmation for a long opportunity. A further confirmation is the horizontal resistance zone marked out in a red rectangle that was just broken out of to the upside and retested before going back up.