Weekly Structure - Downtrend
Daily Structure - Downtrend
AUD-USD moved lower until it reaches almost 0.55000 on 19th of March. Since then price is being moving higher showing signs of recover. Descending trendline has been broken (green line) and also level of 0.59500 resistance level has been broken showing possible signs of continuing bullish momentum. However, price has come back to this level acting now as a resistance level and broking ascending trendline (black line). We also have H&S pattern formation on 1 hour timeframe. Price has come below 0.59500 (strong level of support and resistance). We should wait for a re-test on 0.59500 (Neckline of the Head & Shoulders) before seeing price moving lower again at least to the 0.57000 level.
TP1 - 0.58000
TP2 - 0.57000
SL - 0.60048
R/R - 4.5
Please remember you should only enter the trade if you see any signal of rejection candles (Price Action).
Good Luck!!!
Daily Structure - Downtrend
AUD-USD moved lower until it reaches almost 0.55000 on 19th of March. Since then price is being moving higher showing signs of recover. Descending trendline has been broken (green line) and also level of 0.59500 resistance level has been broken showing possible signs of continuing bullish momentum. However, price has come back to this level acting now as a resistance level and broking ascending trendline (black line). We also have H&S pattern formation on 1 hour timeframe. Price has come below 0.59500 (strong level of support and resistance). We should wait for a re-test on 0.59500 (Neckline of the Head & Shoulders) before seeing price moving lower again at least to the 0.57000 level.
TP1 - 0.58000
TP2 - 0.57000
SL - 0.60048
R/R - 4.5
Please remember you should only enter the trade if you see any signal of rejection candles (Price Action).
Good Luck!!!
Comment:
Actually the neckline of the Had & Shoulders is at 0.59000 and not 0.59500. You could consider both zones to enter the trade depending on the price action on these zones.
Comment:
Price just gone up without any kind of rejection. Setup cancelled.