Technician

#AUDUSD: Following the Price Action | #forex

FX:AUDUSD   Australian Dollar/U.S. Dollar
1683 13 20
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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Technician
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Tom_Killick
2 years ago
Your chart presentation is brilliant
Reply
Technician TOP Tom_Killick
2 years ago
Thanks
-1 Reply
vila
2 years ago
Thanks mat, I'm looking for a false break and then short.
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Technician TOP vila
2 years ago
could be, but am not sure how anyone could gauge if a breakout is false or not
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vila Technician
2 years ago
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.
Reply
Technician TOP vila
2 years ago
Whats MB? monster bar ?
-1 Reply
vila Technician
2 years ago
!8 March
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DanV MOD
2 years ago
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
AUDUSD - BEARISH SHORT AND INTERMEDIATE TERM - (UPDATED)
+1 Reply
Technician TOP DanV
2 years ago
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 MOD Technician
2 years ago
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.
Reply
AliAnzari
2 years ago
Confussing @ the moment didnt break the support on D1 but momentum is bullish still lets see :)
Reply
tommyjones91
2 years ago
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?
Reply
Technician TOP tommyjones91
2 years ago
Thanks there. Still need some time cant expect at the moment, but hopefully one month.
-1 Reply
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