Here's the chart of the trade that we went over in today's Forex market Preview video. If you didn't see it, make sure you get over to youtube & do so, but what we're looking at is a double 2618 opportunity. The bigger potential 2618 is located on the daily timeframe while the smaller one exist on the 4 hour. This chart is of the hourly timeframe where we took ...
AUDUSD has made lots of tops. With now an bearish RSI divergence. Price is also near the daily .886 retracement. Last time price was at a daily .886 retracement, it fell alot. Stops will be above daily .886 retracement. First targets are intraday, however I will most likely hold the trade as a longer term trade. Trade with care
Even though we are closing in on a heavy resistance area I think there is room for a quick long play. Looking to enter on a retracement back into 0.7680-0.7596. Primary targets will be 0.7730 and 0.7755. I think 0.7755 will be tough to penetrate but if the bulls manage to pull that off, next resistance is coming in around 0.7830.
We've broken through and closed below 1.3970, a level which I now see as a good area to take a short at. First downside target would be 1.3880, which is a strong support area. If we should make it through that there is a lot of room to move all the way down to 1.3750-1.38 where is see the next support coming in.