AUDUSD was travelling following a descending trendline. It broke out above the trend line, came back to retest before making a higher high. This is all confirmation for a long opportunity. A further confirmation is the horizontal resistance zone marked out in a red rectangle that was just broken out of to the upside and retested before going back up.
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Price has been ranging in a 70 pips zone for the past 2 weeks, what we have got to keep an eye on is a break out of this zone, if price breaks resistance then a nice bullish run could happen, and if price comes down and breaks support then a lovely bearish run could develop.
At the moment we are leaning towards price respecting this resistance and making a 70 pip...
AUDUSD has been travelling in a descending channel, however it has broken out to the upside. Another few confirmations of a long trade was the Higher High made and the major support zone price just tested and bounced from which caused it to breakout of the channel. Price will now come down to retest the channel, and then make its way up to 0.70100 region.
AUDUSD has broken a major level of support and has already come back up to retest it, however before we think about short trade opportunities price must make a candle close below the yellow rectangle, once we do we will be entering short trades. Price may make a fake out, that's why we are waiting for the candle close below, price may still move upwards, break...
AUDUSD is consolidating at the SUPPORT ZONE on the weekly chart. So, it presents a great BUY opportunity with very HIGH REWARD and LOW RISK.
Traders can look for BUY ENTRIES at 0.0.6850-0.6870 with SL below 0.6720.
TPs can be set at 0.6950, 0.7040, 0.7150 and 0.7300 respectively.
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AUD/USD - Intraday BUY Order:
Entry - Market Price (approx. 0.69225)
SL @ 0.6891
TP @ 0.7200
We do not see anything on the horizon that can change the obvious downward direction of the audusd (By the way, it joins the analysis we did on the nzdusd that worked in Perfect)
Our target is 0.6832
