Potential AUDUSD Long/Short Position 50-100 Pips
Hello Traders, #ForexFargo checking back in!
Today our analysis is on #AUDUSD.
The overall trend is Bearish, although we've had some Bullish momentum today.
Last week's price plummeted from our previous structure level of 0.71000 shooting down toward our 0.70000 region... which we haven't seen since Mid December.
Since that big move, we've seen a change in structure levels at our 0.70750. In previous weeks, 0.70750 has acted as a strong Support Level.
It has now swapped structure levels as a new Weekly Resistance Level @ 0.70750.
Our Weekly Support Level is now set for 0.70000.
I have set zones around key levels according to where price seems to have the most action, in my eyes.
I haven't entered this trade yet, but will enter if price happens to return to 0.70500 region.
If price returns I will enter as follows: RR 3:1
Entry @ 0.70500
SL @ 0.70350 (15 pips)
TP @ 0.70900-0.71000 (40-60 pips)
If price fails to return to 0.70500,
I will see look to see if price holds above our resistance level.
If not then, I will look for Short positions as follows:
Entry @ 0.70900-0.71000
SL @ 0.71250 (15-35 pips)
TP @ 0.70000 (90-110 pips)
Good Trading!
Today our analysis is on #AUDUSD.
The overall trend is Bearish, although we've had some Bullish momentum today.
Last week's price plummeted from our previous structure level of 0.71000 shooting down toward our 0.70000 region... which we haven't seen since Mid December.
Since that big move, we've seen a change in structure levels at our 0.70750. In previous weeks, 0.70750 has acted as a strong Support Level.
It has now swapped structure levels as a new Weekly Resistance Level @ 0.70750.
Our Weekly Support Level is now set for 0.70000.
I have set zones around key levels according to where price seems to have the most action, in my eyes.
I haven't entered this trade yet, but will enter if price happens to return to 0.70500 region.
If price returns I will enter as follows: RR 3:1
Entry @ 0.70500
SL @ 0.70350 (15 pips)
TP @ 0.70900-0.71000 (40-60 pips)
If price fails to return to 0.70500,
I will see look to see if price holds above our resistance level.
If not then, I will look for Short positions as follows:
Entry @ 0.70900-0.71000
SL @ 0.71250 (15-35 pips)
TP @ 0.70000 (90-110 pips)
Good Trading!
Trade active:
First scenario (Bullish) has played and hit TP Region 0.70900. I haven’t not entered a trade yet a trade yet as I am waiting for daily candle closure to see if we can get break past our resistance barrier!
Trade active:
1st Scenario price has returned back to 0.70500. Have set buy limit order at 0.70500 with TP @ 0.70900
Trade closed: target reached:
Target has been reached for 1st scenario. We are currently still ranging between our two Major Daily Levels.
