We discussed this market in the weekly trade ideas last week and how price was strangled within a tight range and box pattern.
Price has finally broken out of this consolidation and exploded higher.
The breakout traders who made this trade would not be sitting on handy profits whilst others could be looking for a second chance entry.
If price rotates lower back...
This pair is currently stuck in a sustained period of consolidation and is trading within a very tight box.
Aggressive traders could be looking to find trades from the resistance and support levels on the smaller time frames until these levels break.
More conservative traders should be sitting on the sidelines until there is a clear break and more free-flowing...
Be patient, and keep eyes on this pair. IF (and only if) price comes to buy zone, then it is also at an important support level , it seems in a good long setup. Remember that price action is important to conform reversal ( double top , shooting star , evening star ....).
If the pattern is violated, then setup is cancelled.
On June15th I published an idea to go short on this pair. That has worked out so far but what about potential targets. The initial move up from 19th March, I think has hit the top. A sub move from 18th May in mini waves has completed and so I think the selling should continue. The rate of the selling retrace is slow and unconvincing at the moment. Therefore, there...
I normally only show daily charts but the 4hr shows it a bit clearer. I think the buying is done and it's a SELL to at least 0.9050. That is the the FIB 50% retrace from the initial move up that started middle of March. This current move up has hit the 61% FIB from the initial move down on 9th June. It may of course go higher but I think that todays candle will...
. There is a possibility of temporary retracement to suggested support line (0.9247). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. AUDSGD is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support....
There is an opportunity to short the AUD|SGD on entry into the 0.90020
- Short entries may be initiated around 0.90020
- Stop Losses should be wide and above the swing high of corrective 0.90260 (Red Horizontal)
- Target Point A : 0.90013 (Green Horizontal)
All remaining target and intermediary support zones to the downside are marked below entry by...