RECOMMENDATION: SELL SUMMARY: The primary trend of AUD/USD is bearish on charts and price is trading below the trend line in its 4 hourly chart. In 4 hourly chart the price is sustaining below 200 day SMA and taking resistance of 50 day SMA indicating downtrend of the pair. It is had an important resistance at the level of 0.7150 and support at the level of...
Head & Shoulders formation on support
AUDUSD 4 HOURS CHART ANALYSIS For more: www.cambodiaforex.com
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On H1 we see that prices are breaking KS. LS crossed its KS as well suggesting bearish continuation. Prices still have next support @ 0.69722 (extension of M15 SSB) and 0.69684 (extension of M15 KS). Then next supports are seen at 0.69452 and 0.69331 (LS supports). On the upside we see a strong resistance at 0.70018 (extension of SSB).
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AUD/USD more upside in the coming months/weeks ? we have seen many higher lows since October witch is favoring more longs. First upside target is 0.73746 witch is crucial resistance for this pair, if we see a breakout 0.7600 is my next target witch is confluent with FIB.
A rising wedge pattern.
For today R4 - 0.7409 R3 - 0.7385 R2 - 0.7346 R1 - 0.7280 SPOT 0.7251 S1 - 0.7150 S2 - 0.7103 S3 - 0.7069 S4 - 0.7017 LONG AT 0.7225 FOR 0.7450; STOP AT 0.7150 How to trade support & resistance levels
Following on from my previous trade of the day, I would add to the existing sell position at the current levels as long as the break below the immediate support is maintained.
For Educational Purposes Only. Price is approaching major resistance up near 0.7380 - 0.7345-50 area. If weakness is shown in this area, I would look to Sell on either a counter trend trade back down towards 0.7215 from current levels with the stop just above previous high near 0.7345 or, a more longer term trade with a sell back down towards 0.7155 from current...
Potential opportunity to the long side AUD/USD. A break above the 0.72230 level would suggest bullish momentum. Support from the 0.5/0.618 fib level along-side the support of the 200 day moving average looks to suggest that price is going to retest the 0.72230 support level as resistance. A break of this could result in higher highs.