Description: As shown above we have FX:AUDUSD . This is a Chart Update from my previous AUDUSD//GOLD Post! Currently we are , we
have been in a downtrend/Bearish channel since Early 2013 similar to shown in .We have seen a leg out of this channel Lows Early 2016 with prices being
relatively in correlation with FX:XAUUSD . Price went up into Prev 0.77100, followed by a 61.8
Retracement down into the ASC .
On the Monthly chart we have a Harami pattern , Weekly 2 Spinning Tops, D Continuation coming off the from the 61.8.
Using these indicator/s: [200 ,50 20 EMA] : PREVIOUS M EMA's suggested we were still (( HOEWEVER THIS WEEK PRICE HAS CROSSED & CLOSED
ABOVE THE 10 WITH 20 AS MAGNETIC RESISTANCE)), W 50 Resistance situatated at Weekly Res 0.74400 ((THIS WEEK PRICE HAS
BROKEN ABOVE THE 50 - 20 acting as Weekly Supp.
However on the Daily we can see EMA's level with price (SIDEWAYS) I'm expecting with a move up we will get the 20 & 50 Cross above the
200. (( THIS HAS HAPPENED THIS WEEK WITH ALL EMA'S ANGLING NORTH.)) THIS GIVES US GOOD GROUND TO TAKE LONGS.
Duration: Long Term ( SWING )
Decision: I would look to enter Long on the break of the ORANGE stops just below Prev BLUE Key Level. An ideal entry would be a break and close
above Weekly Resistance 0.74400 FIRST TARGET BEING PREV STRUCTURE SUPP 0.76000 // SECOND PREV M RES 0.77100 ( FIB EXTENSIONS ).
(( ALREADY LONG ALSO WE HAVE PRICE BREAK AND CLOSE ABOVE M RESISTANCE I WILL HOLD LONGS UNTIL ATLEAST TP 1 ( KEY LEVEL )
This would be accompanied by positive correlation with GOLD:
TP 1: 0.76000
TP 2: 0.77000
SL: 0.73500 - 0.73250
Thank you for viewing my idea. If you decide to take this trade,please leave a comment and a thumbs up. I will be happy to stay in touch to see how the setup is planning out.
Your also welcome to post you analysis below.
Remember to always trade your stratergy... Happy Trading
INDICATORS: Moving average ,
ATTACHED CHART : YES