There is a new mode forming as we speak, and if we close the week above 0.77102, the prospect of further uptrend continuation becomes more likely. I'm long AUD, and also long it against a variety of currencies ( euro , pound, swiss franc ), and I don't reccomend playing the short side in such a massive uptrend.
The level above is the next 'make or break' resistance, which will open the gate for the upper 0.8-0.9 range, possibly even parity during this year.
Each red line, is a vital level, that must see a close above, and then lows finding support there as we move forward, since these levels are where the sellers actively drove the pair down on multiple occasions.
If not long AUDUSD , you can enter any of the pairs I listed with a 3 ATR stop loss, or look to enter with your preferred strategy. I'm in with a conservative (3 atr stop) and a more aggressive stop loss position on each of them, which suits my risk profile, and lets me keep a core position, and add, without going overboard on the initial entries.
Keep in mind that the fundamentals favor a decisive moment ahead too, with a host of Chinese data coming out, as well as the IMF meeting tomorrow.
Remember that a stop loss is mostly, a way of measuring your position sizing, don't disregard the importance of position sizing strategies and you'll live a happy and healthy life as a trader. The main thing is knowing when you're wrong about the trade, to exit, and knowing when you're right, to add to it and let it run.
If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Let's see how the day closes and what happens next.
The decline wasn't acknowledged by rgmov
and we sit at monthly range expansion support.