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AUDUSD - Bearish Correction Broken - Bulls Control Near Term

FX:AUDUSD   Australian Dollar/U.S. Dollar
401 5 16
a year ago
Greetings Fellow Traders,

The most recent channel created by AUDUSD             has finally been confirmed to be broken by the bulls on the 4 hour chart. From here it is likely that AUDUSD             will continue rising to meet sellers that are camped at the .7380 area. Should price reverse from those levels or lower it will have a good chance at breaking a weekly consolidation structure for a bearish break out.

For the moment though, my focus remains on the most current break pictured. Keep an eye on Daily Closes back within this trend and the lower time frames for a more precise entry, At the very latest a new high from those pictured on the current move will add significantly more momentum .

If you have any questions or enjoy what you see. Feel free to like, comment or follow.
a year ago
Comment:
snapshot

Daily Close confirmed past trend line as well

Related Ideas

AlMak
a year ago
Happy New Year and Christmas
+1 Reply
Synapse AlMak
a year ago
Same to you :)
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_VincentP_
a year ago
When do you see 0.7380 being reached? Still this year or rather beginning of January? I'm asking because of course the market is fairly thin and we could see some strange behavior, no?
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Synapse _VincentP_
a year ago
Ideally between now and the end of the year - This trade in itself is already profitable, so there's no risk anymore. If we monitor the current strength of the bullish move we would expect it to hit by year's end...but as you already pointed out there will be a couple of days with real thin trading. Christmas Day and New Year's....we're lucky this week in that they fall at the end of the week. Minimizes any effect of very thin volatility. Expect mostly normal trading next week too. It could take longer though...just keep an eye on the charts and identify the current structure....7380 is going to be one of those levels that is really good to CLOSE below for bears to take almost full control on the weekly. As always if you are looking for an update on a specific currency pair, just ask via comment or PM or twitter/telegram.
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_VincentP_ Synapse
a year ago
Thank you for the clear reply. I'm asking cause I only entered at 0.7250 because I wanted to see a clear move away from the trend line that is now serving as support on the daily chart.
+1 Reply
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