As with many of the currency pairs, we are at a previous structure Low where we can expect to see a reaction of some sort.
The market could break through and continue down or we could see some relief in the market and even a trend reversal.
Based on my analysis, I think there is a strong probability we can see a counter trend move here down at 6931s.
You can see market is stalling into a descending channel showing RSI divergence and lots of bullish rejection .
We will be paying attention to the close of this candle during our London live trading room this morning and finding an entry reason to buy this market.
Potentially 100 pips to gain out of this trade with a good risk reward profile.
If you are interested in coming into our live trading room to watch me trade live every day, just sign up for free at tradeempowered.co.uk
Good Luck
Comments
JakeSummers4x
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Nice spot.
There's a hammer formation on the H1 time frame to support this as well.
Is your RSI level supposed to be on the bottom to show HH while price puts in LL?
Siyabonga_Ngcobo
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Good Spotting man, im also looking at buying the Aussie, If price action holds and closes at near term support, then i am waiting for a 2618 buy as a reason to take long entry on the 0.618 of the pull pack of the 2618 setup. Lets see where this pair goes. Do u offer a trial for your Fx live room?
JakeSummers4x
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Hey! I watched a video of yours on YouTube the other day, a 2618 trade i'm sure?
I'm a already a member of the Live Room, and I must say I am very impressed. If you're looking for an opportunity to learn more from a pro trader, this will be ideal.
The Live Room is on from 8am - 11am GMT. We do top down analysis and take live trades.
Worth investing in IMO.
Siyabonga_Ngcobo
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Thanks man, im in Akil's Live room already. I try to join in 3 times a week there. I have learnt a lot form the Tradeempowered team, May they grow and prosper.
There's a hammer formation on the H1 time frame to support this as well.
Is your RSI level supposed to be on the bottom to show HH while price puts in LL?