FX:AUDUSD
Looking to enter long positions on touches of orange upward trendline (daily trend) with tight stop below trendline around .74391 may be higher depending on where price is at the time.
As always feedback and comments welcome
The price finding support area at 0.7452-0.7473. Bullish as long as support area remains intact. As intraday trading strategy. we must get bullish signal confirmed by trading above 75.07 with potential target at red lines.
Hi Guys,
In 4h AUDUSD chart price is retesting the trendline as of now it looks as breakout but lets wait for candle close by which we can determine breakout or not, Conservative traders can wait for another candle for valid confirmation as RSI is oversold in AUDUSD. There is possibility for current candle being closed as Doji over the trendline.
Hit Likes if...
Pivot: 0.7575
Most Likely Scenario: long positions above 0.7575 with targets @ 0.7640 & 0.7660 in extension.
Alternative scenario: below 0.7575 look for further downside with 0.7540 & 0.7520 as targets.
Comment: a support base at 0.7575 has formed and has allowed for a temporary stabilization.
The price has pulled back into the reference area at 0.7472-0.7489. Remains bullish above 0.7516 as long as the support at 0.9772 remains intact. Long with potential target at 0.7601-0.7648
