Disclaimer: Any of the content presented on my page showing my analysis of the market is just that, an analysis which means this is my personal opinion of where the price is going to go. Do not by any means take this simple analysis for a reason to enter a trade, I am not presenting these analyses as a form of signals, simply a way to get feedback and opinions from others on how my trades look. Take this trade at your own risk, but know forex is a risky market that you can make a lot of money but can lose that money or even more just as fast, enter these markets with your own risk and good luck with your trading :).
Daily Analysis
My analysis on this pair is very similar to the one that I had already done for AUD/NZD if you want a more detailed analysis of the pair look at my most last post for that. Anyways, I still see a very bearish sentiment on most of the AUD pairs, and this one is no different. Price was in a downtrend in the prior months before falling in a range as marked up on my charts, price is at the top of this range now after it had tried to break out to the highs. Price was rejected at this attempt of making a push to the higher highs but was shot down, now price is rejecting recent highs created last week, in my eyes it is ready to fall. We are now waiting on a confirmation for this trade before entering on the one hour chart provided down below.
Hourly Analysis
Price almost seems like it is creating a possible micro downtrend on this hourly chart, but keeps having a hard time breaking these lows shown on the chart. I am now waiting on a close below these lows further confirming that the price is possible to break these lower lows. With a candle closing bearish below these lows I will enter this trade with one percent of my total capital at risk, a simple consistent risk management percent will really help from not blowing an account. This trade will potentially be a 1:5 Risk to Reward Ratio, if we can get a move like this it can really make our entire month. I am really trying to just build my account at a slow an constant rate and just to really put my money to work in a controlled fashion.
Anyways, remember if you are going to be taking any of the two trades from my analysis it is at your own risk but remember since these two pairs conflict with one another very easily you might want to lower your risk for each individual trade. Let's say you want to risk a total of one percent but you are taking two AUD trades, you would want to risk half a percent on both trades to mitigate your risk and keep your losses under control. I hope everyone has a good and safe trading week, I wish all the best to you.
Thanks again,
KeySlot
Daily Analysis
My analysis on this pair is very similar to the one that I had already done for AUD/NZD if you want a more detailed analysis of the pair look at my most last post for that. Anyways, I still see a very bearish sentiment on most of the AUD pairs, and this one is no different. Price was in a downtrend in the prior months before falling in a range as marked up on my charts, price is at the top of this range now after it had tried to break out to the highs. Price was rejected at this attempt of making a push to the higher highs but was shot down, now price is rejecting recent highs created last week, in my eyes it is ready to fall. We are now waiting on a confirmation for this trade before entering on the one hour chart provided down below.
Hourly Analysis
Price almost seems like it is creating a possible micro downtrend on this hourly chart, but keeps having a hard time breaking these lows shown on the chart. I am now waiting on a close below these lows further confirming that the price is possible to break these lower lows. With a candle closing bearish below these lows I will enter this trade with one percent of my total capital at risk, a simple consistent risk management percent will really help from not blowing an account. This trade will potentially be a 1:5 Risk to Reward Ratio, if we can get a move like this it can really make our entire month. I am really trying to just build my account at a slow an constant rate and just to really put my money to work in a controlled fashion.
Anyways, remember if you are going to be taking any of the two trades from my analysis it is at your own risk but remember since these two pairs conflict with one another very easily you might want to lower your risk for each individual trade. Let's say you want to risk a total of one percent but you are taking two AUD trades, you would want to risk half a percent on both trades to mitigate your risk and keep your losses under control. I hope everyone has a good and safe trading week, I wish all the best to you.
Thanks again,
KeySlot