Potential buys on the Aussie!

FX:AUDUSD   Australian Dollar / U.S. Dollar
193 0 2
Based on recent price action, there appears to be a nice-looking buy setup forming. Friday’s rebound from the 61.8% Fibonacci resistance at 0.7135, coupled with Monday and Tuesday’s movement has chalked up what appears to be a H4 AB=CD pattern. What makes this pattern so attractive are the following converging structures:

• H4 support at 0.7025.
• 38.2% Fibonacci support at 0.7020 (taken from the low 0.6863).
• Weekly support at 0.7035 (fixed levels should be considered as zones rather than a definite price level in the market).
• The large psychological support number seen just below at 0.7000.

However, our buy zone for this trade is seen between the 127.2%/161.8% Fibonacci extensions of the AB=CD pattern (yellow area at 0.6978/0.7013). Should price hit our zone of interest today, we would, if there is no high-impacting news on the docket, look to go long at market from here owing to the confluence currently being seen. Stops, at least for us, would be best placed beyond the 161.8% Fibonacci level around the 0.6070 mark. In regards to targets, we’re looking at the mid-level resistance 0.7050 as our first take-profit level, followed by the 0.7100 figure as a close second.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out