This is my AUDUSD forecast, there's a very nice uptrend in the daily and weekly charts.
In my group we have opened and closed multiple long positions on the way up, and this is a nice chance to add to this trade.
The uptrend signal demands a test of the low volume resistance (red box), to eventually reach 0.76476 or even higher, but it'll be a considerable feat if AUDUSD manages to breach this level and head up.
The most probable outcome is that we see a similar move as the one I forecasted for EURUSD, with price rallying and reversing right below the low volume resistance zone.
For the time being we'll go long, and we will observe behavior when approaching the resistance zone, and the target.
Once it's clear we can probably open a short of similar characteristics to EURUSD, but can't give specifics yet.
Cheers,
Ivan Labrie.
Time at Mode FX
In my group we have opened and closed multiple long positions on the way up, and this is a nice chance to add to this trade.
The uptrend signal demands a test of the low volume resistance (red box), to eventually reach 0.76476 or even higher, but it'll be a considerable feat if AUDUSD manages to breach this level and head up.
The most probable outcome is that we see a similar move as the one I forecasted for EURUSD, with price rallying and reversing right below the low volume resistance zone.
For the time being we'll go long, and we will observe behavior when approaching the resistance zone, and the target.
Once it's clear we can probably open a short of similar characteristics to EURUSD, but can't give specifics yet.
Cheers,
Ivan Labrie.
Time at Mode FX
Trade closed manually:
Doesn't look right at all.
