ForceFollower
Long

AUDUSD Still In the Fork

FX:AUDUSD   Australian Dollar/U.S. Dollar
Now it's just a debate: if the current up fork is going to hold or fail, as price has crossed it from its upper parallel to the lower one with ease. This market is in a very-long-term down trend, found resistance above 94 and then even below that level. Now it is about to say, whether it's going to stay within the fork or not. It can either turn into an overshoot and go up again or... continue lower toward some support level . If the fork holds, we should see price go up to at least 0.937, otherwise we'll see, if either 38.2% retracement level or prior lows' support is going to hold.

Disclaimer:
There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. All content posted is for educational purposes only and is not a financial adivice.
I'm currently expecting it to develop this way:
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Another weekend is coming - that 48-hour-long waiting for the next bar... I don't know, I used to like weekends more in the older days when I didn't trade. Now, well, you know...
Anyway, have a great weekend, guys! :-O
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itaskar ForceFollower
you too pal :)
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Looks like a bounce off the black bull trend line...
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itaskar ForceFollower
broken trendline in gold, sign of USD weakening
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Yes, this looks auspicious for the long position in aussie...
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itaskar ForceFollower
this fork looks to be fine, lets see if the quartile holds
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Yeah, why not? It used to work in the past, then it cut through the center of price action, but it can provide support once again.
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I'm short.. you're long on Aussie.. Pity you stay across the border or it would be great to catch up over a beer post NFP and compare notes.. Good luck.. hopefully today we'll see some direction!!
+1 Reply
itaskar justatrader
where is your tp? I see there possibility for down move, but my stoploss (long) should be fine below 0.8200.
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