#AUDUSD: Following the Price Action | #forex

FX:AUDUSD   Australian Dollar / U.S. Dollar
1688 13 21
AUDUSD is attempting a breakout

  • The price has managed to break the resistance of the main falling channll
  • Closed above the 50-days SMA
  • Bullish divergence on RSI
  • Retesting the latest major swing high
  • A break above this latest LH at 0.7900 might confirm further upside as the price would invalidate the structure of lower highs and lower lows, recording a anew higher high.

    What's next

    1)Long Scenario: Will wait for a confirmed breakout above that resistance through a daily closing. Then move to the four-hour chart to time my entry targeting 0.8020 then 0.8110.
    2)Short Scenario: A bearish signal below 0.7900 resistance over the four-hour time-frame. e.g. Bearish pin bar candle, double top formation, support breakout. Targets for this scenario at 0.7740 and 0.7650.

Will try to update with my actual trade if possible.
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I have to say I find your Charts and analysis very helpful, so thank you sir! I also visited your site today when will it be up and running?
Technician tommyjones91
Thanks there. Still need some time cant expect at the moment, but hopefully one month.
-1 Reply
Confussing @ the moment didnt break the support on D1 but momentum is bullish still lets see :)
Hi, Excellent chart. It seem we have similar analysis with different approach but you beat me to it in publishing. lol

Here is my chart
+1 Reply
yep, as i can see from the chart you have a clear bearish scenario before the upside. For me, i don't a specific scenario, i would go for up or down depends on what signal i get. Good luck mate
-1 Reply
DanV Technician
Yes that is true, I do have a bearish bias with very limited upside as part of completion of this correction to the upside. Thanks.
Thanks mat, I'm looking for a false break and then short.
could be, but am not sure how anyone could gauge if a breakout is false or not
vila Technician
We have had 2 inside bar before the breakout of MB, If we have a bearish PB closing inside the 2 IB, for me it will be a false break of MB.
Whats MB? monster bar ?
-1 Reply
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