MarlyForex
Long

AUDUSD -- [ LONG ] ORDER FOR NEXT WEEK!

FX:AUDUSD   Australian Dollar/U.S. Dollar
133 1 7
5 months ago
Display: FX:AUDUSD            

Description: As shown above we have FX:AUDUSD             . Currently we are Bullish , we have been in a
downtrend/Bearish channel since Early 2013 similar to shown in FX:XAUUSD             .We have seen a Bullish leg out of this channel Early 2016
with prices being relatively Bullish in correlation with GOLD             . Price went Bullish up into Prev structure Support 0.77100, followed by a 61.8 Retracement down into the ASC
Trendline.

On the Monthly chart we have a Bullish Harami pattern , Weekly 2 Spinning Tops, D Bullish Continuation coming off the hammer from the 61.8.

Using these indicator/s: : M EMA's suggest we are still bearish , W 50 EMA Resistance situatated at Weekly Res 0.74400 - 20 acting as Daily Supp
However on the Daily we can see EMA's level with price (SIDEWAYS) I'm expecting with a Bullish move up we will get the 20 & 5
50 EMA Cross above the 200.

Duration: Long Term ( SWING )

Decision: I would look to enter Long on the break of the ORANGE Trendline stops just below Prev structure Resistance BLUE Key Level. An ideal entry would be a break and close
above Weekly Resistance 0.74400 FIRST TARGET BEING PREV STRUCTURE SUPP 0.76000 // SECOND PREV M RES 0.77100 ( FIB EXTENSIONS ).

This would be accompanied by positive correlation with GOLD:

FX:AUDUSD            
FX:XAUUSD            



Trade Setup:
Entry: 0.74500
TP 1: 0.76000
TP 2: 0.77000
SL: 0.73500 - 0.73250

Thank you for viewing my idea. If you decide to take this trade,please leave a comment and a thumbs up. I will be happy to stay in touch to see how the setup is planning out.
Your also welcome to post you analysis below.

Remember to always trade your stratergy... Happy Trading

Useful Information:

TREND: Bullish

INDICATORS: Moving average , RSI

ATTACHED CHART : YES
5 months ago
Comment: CHART ATTACHED XAUUSD:

snapshot
5 months ago
Trade closed: target reached: taken profit before brexit

Related Ideas

MarlyForex
2 days ago
@NeilClayton93 check the detailed ones like this
Reply
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