MarlyForex
Long

AUDUSD LONG RE-ENTRY -- CHART UPDATE

FX:AUDUSD   Australian Dollar/U.S. Dollar
275 2 14
5 months ago
Display: FX:AUDUSD             CHART UPDATE!! NOT MUCH WILL BE CHANGED AS WE ARE CURRENTLY JUST ABOVE PREVIOUS ENTRY

Description: As shown above we have FX:AUDUSD             . This is a Chart Update from my previous AUDUSD//GOLD Post! Currently we are Bullish , we
have been in a downtrend/Bearish channel since Early 2013 similar to shown in .We have seen a Bullish leg out of this channel Lows Early 2016 with prices being
relatively Bullish in correlation with FX:XAUUSD             . Price went Bullish up into Prev structure Support 0.77100, followed by a 61.8
Retracement down into the ASC Trendline.

On the Monthly chart we have a Bullish Harami pattern , Weekly 2 Spinning Tops, D Bullish Continuation coming off the hammer from the 61.8.

Using these indicator/s: : PREVIOUS M EMA's suggested we were still bearish (( HOEWEVER THIS WEEK PRICE HAS CROSSED & CLOSED
ABOVE THE 10 EMA WITH 20 AS MAGNETIC RESISTANCE)), W 50 EMA Resistance situatated at Weekly Res 0.74400 ((THIS WEEK PRICE HAS
BROKEN ABOVE THE 50 EMA - 20 acting as Weekly Supp.
However on the Daily we can see EMA's level with price (SIDEWAYS) I'm expecting with a Bullish move up we will get the 20 & 50 EMA 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 Trendline stops just below Prev structure Resistance 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:

FX:AUDUSD            
FX:XAUUSD            




Trade Setup:
Entry: 0.74500
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

Useful Information:

TREND: Bullish

INDICATORS: Moving average , RSI

ATTACHED CHART : YES
5 months ago
Comment: CHART ATTACHED: XAUUSD

snapshot
5 months ago
Comment: FAILED TO CLOSE ABOVE M RESISTANCE
US DOLLAR
snapshot


DXY
snapshot
4 months ago
Trade closed: target reached: TP 1 hit
LaiptaiCervinskas
5 months ago
Hello,

My question is, how does this analysis correlate with current situation in Australia:
1indecision in elections
2 consideration to lose credit rate which is now triple A
3 rate cut in August

Conclusion, what does exactly will kick the trend to the upper side? Based on what?
Reply
MarlyForex LaiptaiCervinskas
5 months ago
Hello,

I would simply say,

1. Price Action
2. Trend
3. Trade What you see, the news is not always conclusive.
Reply
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