AUDUSD HIT MAJOR TREND CHANGE!!!
NOTICE : EUR/USD is also changing trend to the upsite, USD/CAD changing trend to the downside aswell... Pairs are collerated!
So AUD/USD hit MONTHLY TRENDLINE (3rd touch) which act as a extreme support line. It is almost not possible that it will be break trough straight forward so we expect bigger retracment.
We go higher high...
AUDUSD has just reached the area of a possible first target bullish, bullish movement was important and very steep, a further possible extension before a pullback.
Follow our setup here:
Signal Suisse
W1 CLOSED WITH A STRONG W1 REVERSAL PATTERN (BEAR TRAP / FAKEY FORMATION)
LET ME EXPLAIN WHY THIS PATTERN IS STRONG. USUALLY WHEN THERE IS A INSIDE BAR ON THE D1 W1. TRADERS WOULD TRADE THE BREAK OF THE INSIDE BAR OR THE MOTHER BAR (CONSERVATIVE).
LAST WEEK THE PRICE WENT BELOW THE INSIDE BAR, CAUSING SELL TRADES TO TRIGGER, FOLLOWED BY CLOSING ABOVE THE INSIDE...
Yellow levels are daily support and resistance.
Red levels are h4 support and resistance.
There are two possible trades here, if PA suggests when the price trades up to the red level that there are loads of sellers I would short.
Otherwise if the red level breaks (which I think it might) that level is essentially useless to me as it was previously...
Trading idea on 1h chart:
Long AUDUSD – Get on the train
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Trading idea: stop buy order at 0.7905, Risk-Reward = 4.11
SL@ 0.7877 (-28), TP@ 0.8020 (+115)
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AUDUSD broke out above resistance at 0.7850, which is support now and might be tested, BUT:
- if the price breaks out above 0.7900, then there could be a second impulsive leg before the test of...
