AUDUSD back to test broken support. Could become resistance?
Hi traders,
this is my analysis on AUDUSD. Price is coming back to retest a previous broken support. In case like this a broken support could turn into a resistance and provide a good point for reversals. We've identified two levels but i think the first is more important cause, look left, it has proved to be strong two times in the most recent time.
So as usual after we find a good point for reversals we go down to lower timeframes and look for shorting opportunities in form of candlesticks, advanced or simple patterns.
Let's see! If you want to share your standpoint, please comment.
Otherwise, see you in the next chart!
this is my analysis on AUDUSD. Price is coming back to retest a previous broken support. In case like this a broken support could turn into a resistance and provide a good point for reversals. We've identified two levels but i think the first is more important cause, look left, it has proved to be strong two times in the most recent time.
So as usual after we find a good point for reversals we go down to lower timeframes and look for shorting opportunities in form of candlesticks, advanced or simple patterns.
Let's see! If you want to share your standpoint, please comment.
Otherwise, see you in the next chart!
Comment:
There's a good engulfing kicker that was formed friday. I usually take this entry but not in the last three candles before market close. In my rules though i can enter a position on the first three candles if and when gap is less than half an atr. So, i'm going to enter the market short if price doesn't gap that much and if the spread isn't too large (4+ pips spread)
Comment:
As explained, entered at market at level of 0,7442, stops 30 pips above most recent high.
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