Today we have one for the position traders on a Weekly chart with AUD/USD.
Straight away you can see price is trading within a range, creating several layers of support and resistance along the way. We are currently trading below the 200 EMA which I consider a major confirmation for a trend continuation, if we start trading above it my bias will change.
There are a lot of picture perfect opportunities forming on the lower time frames, we just need to be patient for now. If you have any additional analysis on this pair feel free to share it below!
Failed breakout on upper channel. I do expect some form of pull back. I have my eyes on the middle line for possible short term support. Correction and a break of that line will have me onboard for the ride down.
LewisGlasgow
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Great share! I'm currently short at the moment, 100 pips and holding. This idea was for a long term picture, once we approach the trendline we can look for more shorting opportunities :)