AUDUSD | Perspective for the new week | Follow-up
My last publication on this pair witnessed price moved over 100pips in our direction before the Bullish run began (see link below for reference purposes).
The Aussies started the week knocking against major Resistance at AU$0.76300 (Selling pressure) for 3 consecutive days before the breakthrough on Thursday. Considering the long-term Bullish expectation; The Aussie could be on the verge to recover ground as we might be in for a LONG Bullish ride as the price appears to Breakout of a Reversal pattern during last week trading session with emphatic moves from a very strong Demand level @ AU$0.7600 (check weekly chart).
Tendency: Uptrend ( Bullish )
Structure: Breakout | Supply & Demand | Reversal Pattern (DB)
Observation: i. The Bearish run that began mid-month appears to have found bottom @ AU$0.75800 as the continuous rejection of this level resulting in the appearance of a Double Bottom (a strong reversal pattern) followed by Highers Highs culminating in a Breakout of AU$0.72600 last week.
ii. AU$0.72600 level shall be my Key level and a zone having the tendency to pronounce a New Demand level for future buys.
iii. AU$0.7600/0.76200 appears to be an area to look out for completion of Correction of the last Breakout to buy; However, should price decide it's not dipping to this level, an area above Key level @ AU$0.726000 on lower time frames should be a good opportunity to join the rally.
iv. This been said, I and my team shall be looking for levels above key level to join the rally in the coming week... Trade consciously!:)
Trading plan: BUY confirmation with a minimum potential profit of 400 pips.
Risk/Reward: 1:8
Potential Duration: 7 to 12days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
The Aussies started the week knocking against major Resistance at AU$0.76300 (Selling pressure) for 3 consecutive days before the breakthrough on Thursday. Considering the long-term Bullish expectation; The Aussie could be on the verge to recover ground as we might be in for a LONG Bullish ride as the price appears to Breakout of a Reversal pattern during last week trading session with emphatic moves from a very strong Demand level @ AU$0.7600 (check weekly chart).
Tendency: Uptrend ( Bullish )
Structure: Breakout | Supply & Demand | Reversal Pattern (DB)
Observation: i. The Bearish run that began mid-month appears to have found bottom @ AU$0.75800 as the continuous rejection of this level resulting in the appearance of a Double Bottom (a strong reversal pattern) followed by Highers Highs culminating in a Breakout of AU$0.72600 last week.
ii. AU$0.72600 level shall be my Key level and a zone having the tendency to pronounce a New Demand level for future buys.
iii. AU$0.7600/0.76200 appears to be an area to look out for completion of Correction of the last Breakout to buy; However, should price decide it's not dipping to this level, an area above Key level @ AU$0.726000 on lower time frames should be a good opportunity to join the rally.
iv. This been said, I and my team shall be looking for levels above key level to join the rally in the coming week... Trade consciously!:)
Trading plan: BUY confirmation with a minimum potential profit of 400 pips.
Risk/Reward: 1:8
Potential Duration: 7 to 12days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade smart. Trade consciously
Please note that if the price does a significant Breakdown of AU$0.75600 set-up should be disregarded... Thank you