The AUDUSD FX:AUDUSD daily chart shows several tailed bars which suggest rejection of lower prices. The daily chart looks to be drifting up into the higher side of the longer term trading range at 0.7380. Whilst above 0.7000 prices remain bullish and traders could consider buying with targets to 0.7295 and then 0.7385
We expect the aussie dollar to regain some of last weeks losses.
So I know there are a lot of people jumping on the bandwagon for AUDUSD Shorts but as you can see that Aussie broke below the daily/4 hourly triangle and is retesting. This is also confluent with important fib levels. As you can also see there is RSI Divergence on the 4 hour chart. This is used additional confluence. I would have stops above 0.7250 and targets...
-WE HAVE HIT A MAJOR MONTHLY SUPPORT LEVEL HERE -PROVIDING WE HOLD SUPPORT THIS COULD BE THE OUTCOME.. -THIS IS A GREAT RISK TO REWARD TRADE -FOR A REVERSAL OR EVEN JUST A RETRACEMENT 0.618 AREA -STOPS AS SHOWN -THE POSSIBLE "C" AREA IS A KEY LEVEL OF RESISTANCE SO WE EITHER BUMP OUT HEADS ON IT THEN INTO SHORT TRADE OR BREAK THROUGH. -IF WE HIT RES AND TURN...
AUDUSD pressure is still downwards watching for a short opportunity
THE MAIN AREA WE ARE FOCUSING ON IS THE RED CIRCLE AREA, COULD BE BEFORE COULD BE AFTER -ABC AND D STRUCTURE POTENTIALLY IN PLAY -THIS LINES UP PERFECTLY WITH MAJOR MONTHLY SUPPORT -FIB 0.618 RETRACEMENT -TARGETS WILL BE FIB LEVELS
As all retail traders are looking for long trades, we know this pair can easily get lower again. The nice high test at out weekle resistance is a good signal to trade from along with a bunch of other confluences on the different TF's.
FX:AUDUSD Aussiedollar could bounce back into the recent range as it hits support and formed an inverted hammer. Entry would be above the wick and stop below the support. Profit target would be the top of the range. Good luck trading! Dave www.davetromp.net
I am back with more analysis. Use them how u want them to use, this is my opinion and my way of profitable trading. I don't recommend following people blindly. U can find the other "tradetostart's" on my instagram : FXB_Buddy Check it out! The link to my website is also on there.
The pair showing bullish strength with a near bounce from the most recent daily trend line. I'm hoping for a breakout for the pair and planning to ride along towards the 32.2% Fib (0.73852) and a SL just below the trend. Entry: 0.71810 ( Daily Breakout of Trend ) TP: 0.73852 - 177.8 Pips ( Fib 32.2% + Support) SL: 0.70911 - 93.8 Pips ( Below Daily...