Current Trade Status: SHORT +59 pips We are currently SHORT on this pair catching the possible final wave down into the uptrend trend line where we are looking to close this trade, take profits and then look for a good BUY setup to confirm this analysis.
AUDUSD: Stuck Between 2 SR Zones But Now Retesting Key Support.
For a almost a year between April, 2016 till March, 2017, AUDUSD kept hitting and hitting a former STRONG resistance zone until finally breaking through a few months back in August, 2017. After it broke that resistance and exploded upwards from there for a month to the end of August, it has since then retreated back down and is now retesting that key former resistance.
This could be that classic resistance turned support setup. Should that former STRONG resistance now turned support hold, we are going to see an EXPLOSIVE move up from here! Will it happen right away? It could but just as likely, it may take some time and prices may sit around this zone for a bit. But regardless, as long as the support holds, it does not matter how long it takes. Eventually, we're gonna see AUDUSD head MUCH higher! Maybe EXPLOSIVELY!
AUDUSD Weekly Chart
That STRONG S/R zone I mentioned is shown here in the yellow box. You can see that this zone has some great significance in the past years having impact on prices both as support and resistance. Particularly between April, 2016 and August of this year. Prices tried to break through numerous times but couldn't until towards the end of August.
As you can see here, prices are now back into that zone and retesting it as support now. In addition, AUDUSD is also approaching a retest of a minor uptrend trend line as well. This makes for a pretty strong case that prices are about to reverse and head on up.
Unfortunately, it didn't work out. Good work though.
EverythingForex
⋅
@Camtoh, Thanls. But as you well know, markets are dynamic and they will always do whatever it is going to do regardless of anyone's analysis. That's why it's important to trade with knowledge and not just blind luck. But me and my subscribers are not at a loss on this trade as no buy setup appeared and we did not get into it. In fact, my updates to my subscribers on this pair show that the price action as it reached the trend line told me that it was going lower through the TL and we stayed out of the trade thus far while securing the profits we made as it went down. For now, we are on the side on this pair waiting to see what happens. Sorry that I do not update my charts here constantly as I spend the bulk of my time helping my followers that trust me. I post here when time allows but I can't follow-up as much as I'd like. Thanks for viewing my idea and good luck.