Break above/close above signals trend continuation trade

FX:AUDUSD   Australian Dollar / U.S. Dollar
128 0 2
We see that price has closed above .73400s - .74000s, which has served as a major resistance level out on our daily timeframe . Should we drop down to an hourly to execute, we see that a pullback into structure is the best way to get involved long, as the market has signaled it's intention to go higher.

We see that anywhere in the grey box (daily resistance zone ) can present the potential reversal area. We also see a nice little treat of a . 618 retracement waiting for us around that same zone. We will take profits not with the expectation that price will print higher highs (it should) but rather, that price will retest the most recent highs. If the market just continues to shoot higher, well, we don't have a trade....

Benny Manieri
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out