AUDUSD - Technical View:
We've had a bit of a risk on move start this morning but equities and yields are both at key areas. In technical aspect we are a key resistance area in Aussie where I will be looking to add a short position on and scale in as time goes by.
Technical:
Pattern: Double Top for wedge forming.
Support: 0.76425, 0.76280, 0.758050 (200EMA)
Resistance: 0.77275, 0.77435, 0.77830 (50EMA)
Fibonacci Retracement: 0.618 - 1.618 or 0.382 - 1.618
Ways to trade Aussie?
- You could enter short position at this current moment of time and scale in towards key areas.
- Add an order towards the key areas once breached
- Double top, we at resistance - putting your stop as the correct area that goes with your plan will be something to think about
- Go with what's in your trade plan not forgetting where you'd like to enter making it a great R/R (Risk/Reward) Trade.
Fundamentals:
- President-Elect Biden Speaks
- Treasury nominee Janet Yellen to say U.S. does not seek weaker dollar: WSJ
Key tip: Add your own creativeness towards your trading plan towards this idea - the idea I generate for you is only here to give you extra confluence towards your trading.
Overall, it's at key area AUD for perhaps an intra-day/swing trade if planned correctly & depending on fundamental aspects as well.
All the best,
Trade Journal
(Just trade ideas, not recommendation)
We've had a bit of a risk on move start this morning but equities and yields are both at key areas. In technical aspect we are a key resistance area in Aussie where I will be looking to add a short position on and scale in as time goes by.
Technical:
Pattern: Double Top for wedge forming.
Support: 0.76425, 0.76280, 0.758050 (200EMA)
Resistance: 0.77275, 0.77435, 0.77830 (50EMA)
Fibonacci Retracement: 0.618 - 1.618 or 0.382 - 1.618
Ways to trade Aussie?
- You could enter short position at this current moment of time and scale in towards key areas.
- Add an order towards the key areas once breached
- Double top, we at resistance - putting your stop as the correct area that goes with your plan will be something to think about
- Go with what's in your trade plan not forgetting where you'd like to enter making it a great R/R (Risk/Reward) Trade.
Fundamentals:
- President-Elect Biden Speaks
- Treasury nominee Janet Yellen to say U.S. does not seek weaker dollar: WSJ
Key tip: Add your own creativeness towards your trading plan towards this idea - the idea I generate for you is only here to give you extra confluence towards your trading.
Overall, it's at key area AUD for perhaps an intra-day/swing trade if planned correctly & depending on fundamental aspects as well.
All the best,
Trade Journal
(Just trade ideas, not recommendation)
Comment:
Short: 70% partial off. Letting the rest remain.
Trade closed: target reached:
Took profits at 76080 areas. Out of trade
Remember: For most pairs are within the ranges, once they broken and confirmed that's when the momentum will change to either direction.