DXY is set to continue getting stronger, gold seems to be getting weaker. This is bad news for the the Aussie Dollar.
There's a head and shoulders structure formed on the daily with the neckline formed roughly around 0.76.
Last night, we broke the 0.786 level that was previously a 4 touch support. This is a perfect place to short due to:
Strength of the...
The aussie is getting closer and closer to the weekly level zone that has been tested a few times already since 2015, after it passes our local level it would be a perfect long entry with a take profit around 0.81000.
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There is a bullish trend on the WEEKLY timeframe for the AUDUSD pair.
On the DAILY timeframe there has been a couple of different support and resistance ZONES.
On the H4 timeframe we can see the 1 and 2 ZONE.
Currently, the price has extended to no man's land.
The final candle shows that there may be some bearish pressure as indicated by the bottom wick.
AUDUSD has been a steller performer since a drag down from May 2020. GDP data showed a strong expansion of output +2 trillion after covid 19 lockdown ends. Aussie will remain positive against its counterparts but the only concern is tension with it major trading partner China.
Confluences for this trade
1. Multiple time frames indicating the same long term price movement (bearish)
2. Orange highlighted zone is a key area where price was previously supported and i will be looking for a retest of that region
3. Many touches of the descending channel showing a valid channel as we can see where i have circled in blue where price is...
Hi Traders, here is my analysis for AUDCAD sells. Every night at 10pm (UK Time) I check the daily closes before analysing true direction. Price action to me screams a sell off to my strategy... Here is my analysis on a lower timeframe, and my risk to reward ratio on it.
Hi Traders, here is my set up for AUDUSD pullback short! I marked out the market structure break before it happened, but forgot to publish it.. now we have this on the lower timeframes, this looks like it could be good to go! What do you think?
- No major new highs since strong downtrend
- Retesting .72400 region
- False breakout may reverse price back into previous resistance
- May continue reversal from weekly downtrend at .73900
- Target 1: 0.71900
- Target 2: 0.71600
- Target 3: 0.70900
- Stoploss: 0.72350
- Bullish divergence on H4 using stochastics
- Breakout of the consolidation zone and mini channel on the H1
- Supported by monthly key level if price decides to retest the consolidation zone once again
- 90 pips target with 45 pips stop loss
- Price retesting the daily support
- Potential triple top to be formed if this level rejects price once again
- Re entered the consolidation range where price is struggling to beat 1.8185 level
- This bearish bias is supported by confluence as this level is also the 61.8 fibonacci level on the H4, which suggests that the retracement could be over
- A series of...