ForceFollower
Long

AUDUSD H4: At the supportive trendline parallel

FX:AUDUSD   Australian Dollar/U.S. Dollar
145 2 8
Here are the key points for this chart of AUDUSD:
- Trend. I find the trend UP
- Fundamentals: AUD is very strong, while USD is weak in terms of relative strength . The USD is relatively overbought for a weak ccy.
- Support. The falling price is expected to find support on the upsloping blue trendline parallel, which happens to be around the 23.6 retracement.
- Resistance. Price may find the first resistance at the prior minor highs (0.7528), the bottom of the topping candle (0.7566) as well as at the blue upper median line parallel.
- Trading opportunites: enter long at one of the support levels, with a stop-loss order below the corresponding prior low, looking to exit at some of the resistance levels with R:R of at least 1:1.

Here's the summary of how I see the current situation in financial markets (as of Wed. 16.03.2016, 14:00 CET):
The strongest currency: AUD (currently weakened, slightly oversold; although those who trade the SEK             or the PLN will find them even stronger);
The weakest currency: GBP (recently oversold, likely to strengthen soon).
The leading markets:
- GBPAUD             - trending down;
- AUDNZD             - trending up;
- EURNZD             - trending up;
- NZDCAD             - trending down;
The developing potential entry opportunities:
- AUDUSD             - go long.
- USDPLN             - go short.
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Disclaimer:
There is a very high degree of risk involved in trading forex . I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell. Rather, you should use the information only as a starting point for doing additional independent research, your own due diligence, in order to allow you to form your own opinion regarding trading decisions. No assumption should be made in relation to the performance or accuracy of the methods shown. No claims are made as to the success or profitability of any of my posts.
maggie0909
8 months ago
hope you could post some us oil charts.thanks.
Reply
ForceFollower maggie0909
8 months ago
Sure, I can do that.
Reply
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