AUDUSD is creating a nice flagged pattern on the 4h chart and about to come to an end of this pattern. Usually when this is the case we see trend reversal. It is also in a level where price has reacted on a number of occasions in the past. I will be looking to go long from here.
Trade safe and good luck.
LONG.... simple as that, we have had a lovely bounce off our support line that has been respected many times, and with USD weakening we can only see upside movement from here.
That is all, short and sweet ;p
- Price is currently sitting on my D Level of support
- Inverted hammer pattern sitting on S
- I have Intraday Target levels for TP levels.
- Being aware of RBA Monetary Policy Statement (HIGH IMPACT NEWS) on 08/02/19
AUD USD, Thanks to Trump, for giving a great opportunity for a long.
A retest of the Trend line
Retest of 0.71550
61.8% FIB aligned with 0.71550 and the trend line. Increase the success probability of the set up
I hope this trade help you guys.
All of the best
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...