Technician
Long

AUDUSD Approaching a Hot Zone! Update

FX:AUDUSD   Australian Dollar/U.S. Dollar
1589 19 19
Profit(pips)=+145+148=+293
Update: Closed second half at 0.9373= +148
Update: Hit first target
Update: Reached more than 90 percent of first target and therefore moved stop loss to break-even.

In my previous idea, I was waiting for a retest of the hot support zone i mentioned among 0.9200-0.9250 to go long,(please check the link below). Indeed, price provided this dip lower following the NFP release, i was able to long the pair at 0.9225, targeting 0.9370 and 0.9450 resistance levels, with a stop just below the confluence of support levels at 0.9125. Luckily, price rebounded before the end of session, forming a major pin bar at that support area , making me more optimistic that it would hold.

Good Luck, Join me @
https://twitter.com/thefxchannel

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Previous Analysis:

Tracing price action since March 25 bullish breakout:

-Bullish rally extended on Inverted head and shoulders breakout.
-Price hit 0.9280 resistance level , showing pin bars at resistance
- pullback was shallow towards 0.9200
-The price broke above 0.9280 confirmed 0.9337 and 09445 upside targets.
- Price was rejected at 0.9445 resistance, hit my downside target at 0.9300 and below.
- Note that the Full target of the IHS             pattern is near the 0.786 retracement at 0.95
ForceFollower
2 years ago
Yeah, I agree. I hope it's not too good to be true... So blatantly obvious that I'm even afraid it might fail...
Reply
Technician TOP ForceFollower
2 years ago
Even the perfect technical setups fail, so i am not worried about failure. The right question to ask, is the setup worth the risk, is it worth a try?
+2 Reply
HexVex Technician
2 years ago
Very Zen ;) This grasshopper is gonna go for it. I guess a few other people came close to soiling themselves NFP time :D
+1 Reply
ForceFollower HexVex
2 years ago
Who do you mean is a 'grasshopper', Kerim?
+1 Reply
HexVex ForceFollower
2 years ago
I'm grasshopper of course :) Silly pop culture referance. No offence meant to anyone. Just suggesting there might be a philosophical component in how we judge trades we make and attempting humour.
+1 Reply
ForceFollower HexVex
2 years ago
I see. I'm all for philosphical components and humour in trading. Yeah, actually we're all grasshopper's in a way, jumping from one opportunity to another.
+1 Reply
Technician TOP ForceFollower
2 years ago
Hehe, True
Reply
ForceFollower Technician
2 years ago
Right.
Reply
szczudlo6
2 years ago
isn't good for me becouse looking for a month time... there is pin bar... next steps are down.... first target 0,9180, next 0,9070... we will see :>
Reply
Technician TOP
2 years ago
Update: Reached more than 90 percent of first target and therefore moved stop loss to break-even.
Reply
fximperija Technician
2 years ago
Great play, mate :)
+1 Reply
Technician TOP fximperija
2 years ago
Thanks man, missed first target by 3 pips! however still in play.
Reply
Technician TOP
2 years ago
Update: Hit first target
+1 Reply
Technician TOP
2 years ago
Profit(pips)=+145, second half still running for potential +225.
Reply
Technician TOP
2 years ago
Update: Closed second half at 0.9373= +148
Reply
Technician TOP Technician
2 years ago
Profit(pips)=+145+148=+293
Reply
JorgeEllena Technician
2 years ago
Good Job, keep sharing please!
Reply
Technician TOP JorgeEllena
2 years ago
Thanks, you can follow me on twitter for updates https://twitter.com/thefxchannel
Reply
DerekUweri71
2 years ago
AUDUSD has formed a doji at a key level of support 0.9260.
Reply
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