Looking at the 4 hour time frame of the AUD vs USD you can see price is approaching a supply zone and already beginning to react to this level. our last candle just missed piercing the level but we are looking for price to move to this level without violating the level in order to take our short opportunity. If price moves within the zone and comes back out to the down side we will look to enter the market short with a possible first target at the psychological support level @ .90400 where previously we saw a lot of reaction to this level in the past. A violation of .90400 would send us to find support at .89019 As you can see I am more of a long term trader and look for structure with support and resistance levels and zones. I believe the market moves to and fro between support and resistance and constantly makes new levels. That's my take on the AUD vs USD. Have a great trading day and God bless!
Comments
motleifaul
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And indeed I sold them now at 0,9164 awaiting the correction to buy them back cheaper. Thank you!
motleifaul
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I'm long since 0.9009. You make me think about profit taking.