Technician

#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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Technician
We are finally LIVE https://thefxchannel.com
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
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 :)
Reply
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
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
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
Thanks mat, I'm looking for a false break and then short.
Reply
could be, but am not sure how anyone could gauge if a breakout is false or not
Reply
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.
Reply
Whats MB? monster bar ?
-1 Reply
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