Description: As shown above we have FX:AUDUSD 0.01% . This pair currently , Just as
FX_IDC:XAUUSD this move was made quite obvious early November after
giving us a strong Candle on the Daily as shown at the top of the channel. We are trending
nicely making LH & LL supported by current Resistance. ( ) & a 0.50 Retracement
On the Monthly Chart we have a , which could be interpreted as a potential HL.
On the Weekly Chart we have a Reversal pattern
On the we currently have a Close, although the higher time frames seem quite i still stick to my bias which is supported by correlation in other pairs and expected USD strength in the weeks ahead.
Indicator/s: ( Monthly ) 20 acting as near term Resistance 50,200 Long term Resistance
( Weekly ) 20 cross below 50 early December (Magnetic Resistance) 200 Long Term Resistance
( Daily ) 20 crossed below 50,200 Mid November Currently 50 is Acting as resistance with the 20
acting as near term Support
( 4HR ) 200 Near term Resistance with the 20,50 acting as near term support
Duration: Long Term ( SWING )
Decision: Once again pretty simple just as GOLD -0.68% , I'm awaiting a Close below the Daily Supp: 0.7285 which will also be a
break below the 20 . Stops placed just above the // 50
This would be accompanied by positive correlation with GOLD -0.68%
TP 1: 0.7165 ( MW SUPP)
TP 2: 0.7000
Thank you for viewing my idea. If you decide to take this trade,please leave a comment and a thumbs up. I will be happy to stay in touch to see how the setup is planning out.
Your also welcome to post you analysis below.
Remember to always trade your stratergy... Happy Trading
INDICATORS: Moving Average
ATTACHED CHART : YES
If the price comes back to 0.7246 I think that the agressive buyers will come again and push the price higher once more.
Here is my analysis: