Here we can see heavy resistance around the 110.400 region. I personally entered short positions on this after seeing the exhaustion presented to us on the H1 time frame around 7pm - 1am here in London. A much safer entrance would have been at the closure of 2am H4 candle as you may notice the shooting star formation emerging. With my riskier entry I did however...
Price has dropped down to a support level as shown by the horizontal trend line. this support level is based off a higher time frame from what is on the chart. I have also taking my RSI indicator reading into consideration which all let to this BUY for me.
Been monitoring this trade since last week Monday. Saw the support zone for last week overall trend reversal and now letting the pair produce a bullish channel.
It the current candle which opened this evening closes above my line @110.189, this will show that it has broken previous daily tf resistance.
Target Price @111.459
EU broke a huge consolidation area and that can be seen with the broken counter channel. Price is now retesting that breakout and could possibly fall further to make new LLs and LHs at 1.12000. with that being said, be careful of the potential double bottom for a new rally to the upside.
Follow risk/money management, there is plenty of time to become millionaire.
Price is in a downtrend, the choppy price movement upwards signifies to me that institutions arent place any major orders. Price has formed a new lower high after being rejected by a previously created Supply zone. I anticipate price will continue downwards.
Despite the GBP's surge on Friday following the reached agreement on migration between the EU and U.K the Pound still looks like it can print a new downside leg.
The Monthly candlestick closed below the key support region of 1.3250 and formed a hanging man candlestick which was mirrored on the Weekly timeframe also.
Here on the Daily timeframe, we can clearly...
Remember guys, keep it simple!
As you can see from the AUDUSD chart it is hugging the daily trendline tight. If it breaks and it is not a fakeout, buy that Aussie to the top! If it respects the trendline, wait, be patient and when the time comes it's time to short.
This doesn't work every time, but it can be a clear signal that the direction of any pair may be...