AUDUSD | Perspective for the new week
There are possibilities that the Greenback might gain some ground against the Aussie in the coming week... Following the Bullish run; Price finally hits a peak @ $0.78200 at the beginning of the new year followed by successive Lower Lows channelled through a descending range culminating into a successful Breakdown of Key level @ $0.76800 last week.
Tendency: Downtrend ( Bearish )
Structure: Reversal pattern | Breakdown | Supply & Demand | Channel
Observation: i. Breakdown of key level @ $0.78600 during the course of last week trading session followed by an immediate rejection of this level signals risk of further decline in the coming week(s).
ii. The sharp rejection of $0.77000 level makes this level a new Supply zone to watch out for Shorting opportunity in the coming week.
iii. It is also worthy to note that the Breakdown of Descending channel @ $0.76000 reveals the strong tendency of Sellers at this juncture in the market and might also be a strong area for rejection after a successful Breakdown in the nearest future.
iv. Conscious trading might scream "patience" allowing a Breakdown to happen hereby looking forward to taking advantage of the rejection.
Trading plan: SELL confirmation with a minimum potential profit of 150 pips.
Risk/Reward: 1:3
Potential Duration: 1 to 5 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Tendency: Downtrend ( Bearish )
Structure: Reversal pattern | Breakdown | Supply & Demand | Channel
Observation: i. Breakdown of key level @ $0.78600 during the course of last week trading session followed by an immediate rejection of this level signals risk of further decline in the coming week(s).
ii. The sharp rejection of $0.77000 level makes this level a new Supply zone to watch out for Shorting opportunity in the coming week.
iii. It is also worthy to note that the Breakdown of Descending channel @ $0.76000 reveals the strong tendency of Sellers at this juncture in the market and might also be a strong area for rejection after a successful Breakdown in the nearest future.
iv. Conscious trading might scream "patience" allowing a Breakdown to happen hereby looking forward to taking advantage of the rejection.
Trading plan: SELL confirmation with a minimum potential profit of 150 pips.
Risk/Reward: 1:3
Potential Duration: 1 to 5 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade smart. Trade consciously
