Aud/Usd Still Short / Anticipating The Short
Hi Traders
We posted previous analysis on AudUsd where we took a long trade from 0.71. We are still in this position, and it is now running nicely risk free. Please see below linked previous post for reference.
What are we forecasting now and why?
• We are still running our long position and we are anticipating further bullish price action on this pair however as you can see from the chart we are cautiously waiting for a rejection of a key level, structure & maybe the daily ascending channel that price broke out of a few weeks ago to be tested.
• In its simplest form we are expecting to see a completion of the impulse, correction, and then impulse price pattern here. We are currently in the corrective phase and price has started to from this rising wedge pattern.
How will we enter the short?
• As all trades taken, we want to get in at the best possible price and give us the best chance of increasing our risk to reward. We have some good confluence to this trade and will give us the confidence to take it. Some key catalyst for this short will be as such:
• Rejection off a marked Fibonacci level.
• Rejection of structure / previous ascending channel.
• We also would really like to see price start to get squeezed in this rising wedge showing de-acceleration and exhaustion.
Where will our first target be?
• The most logical place for us to target initially will be our major support marked. I have the expectation for price to continue lower however we will aim for this as target one and analyse the price when and if this scenario plays out.
Let me know in the comments below if full break downs like this are helpful and if you would like me to go into more detail for anything illustrated on the charts.
If you agree with this idea, be sure to hit the thumbs up and if you haven’t done so already follow for more set ups like this and full breakdowns.
Thanks in advance,
The Fx Chartist
We posted previous analysis on AudUsd where we took a long trade from 0.71. We are still in this position, and it is now running nicely risk free. Please see below linked previous post for reference.
What are we forecasting now and why?
• We are still running our long position and we are anticipating further bullish price action on this pair however as you can see from the chart we are cautiously waiting for a rejection of a key level, structure & maybe the daily ascending channel that price broke out of a few weeks ago to be tested.
• In its simplest form we are expecting to see a completion of the impulse, correction, and then impulse price pattern here. We are currently in the corrective phase and price has started to from this rising wedge pattern.
How will we enter the short?
• As all trades taken, we want to get in at the best possible price and give us the best chance of increasing our risk to reward. We have some good confluence to this trade and will give us the confidence to take it. Some key catalyst for this short will be as such:
• Rejection off a marked Fibonacci level.
• Rejection of structure / previous ascending channel.
• We also would really like to see price start to get squeezed in this rising wedge showing de-acceleration and exhaustion.
Where will our first target be?
• The most logical place for us to target initially will be our major support marked. I have the expectation for price to continue lower however we will aim for this as target one and analyse the price when and if this scenario plays out.
Let me know in the comments below if full break downs like this are helpful and if you would like me to go into more detail for anything illustrated on the charts.
If you agree with this idea, be sure to hit the thumbs up and if you haven’t done so already follow for more set ups like this and full breakdowns.
Thanks in advance,
The Fx Chartist
