We are currently awaiting the signal to buy on AUDUSD - Set an order at 071616. We are expecting a pullback into the area, this will create a double bottom, we will be aiming for TP2.
Wait for confirmation before buying into this trade.
A brief show of my anticipated view of the AUSUSD Long position.
At 0.7430 area it breaks resistance and drops to a low of 0.70225.
But it at 2 points 0.73012 is hit but doesn't break above the first time but he second time it breaks and rises to 0.73364.
We are aiming for the overall long position to 0.7500
The situation in AUDUSD is clear. We have medium structural point at 0.7104
this is just the first failure to extend the bullish run last week.
This type of scenario is to lure many buyers in and frustrate the seller.
Key numbers, we are long at the structure 0.7104, we will target the daily range first, 0.7142 and high of Friday next 0.7149.
Above the Friday's ...
Looking for AU to pull back and trigger the buy limit. If the price does not break previous days low we can see the pair rally to the highlighted resistance. Once price has tested the resistance wait for a reversal candle to enter short trade.
On the weekly timeframe, we've seen 5 downside wicks as orders have been filled at the 0.7350 support region. This week forms the 6th rejection of this and price already appears to be pulling back from here. Overall we have a weekly downtrend which lines up the downside Fibonacci retracement region with 0.7500.
Price moved largely bullish yesterday breaking back ...
Fundamentals:- The US had its Non Farm Payrole on Friday and although the unemployment rate dropped to 3.9% average hourly earnings had also dropped. The NFP figures showed jobs created at 164K when the market was expecting 190K. So mixed data but in all we are expecting a bit of a pull back from the Dollar strength last week. In Australia the economy has been ...
After a great trade shorting from 0.8100 all the way down to 0.7500 we have hit an area of support so time to look for another opportunity, dollar strength will continue maybe but that's to be taken with a pinch of salt. This is just my thought process lol you must do your own analysis. thanks
A simple candle formation here, Aussie pushed out of the wedge during the Asian session and has maintained a strong upside movement through the remainder of today. I will be taking this pair up to the previous high of 0.77657. A buy order outside of the wedge would have entered you into the trade whilst you slept and now into deep profit. Simple simple simple ...