Simple idea..with price in a discounted favorable spot.
We seem to be close to the 127 fib extension with a bullish harmonic XABCD pattern. I see a reversal coming soon. I have entered for a 1:2 risk ratio here on the FX account. We are at a new low for daily and we are pretty far down on weekly as well. Have a look at most of the aussie pairs. I think you'll...
After four years of a declining aussie dollar, and price reaching close to GFC levels, there has been a slow recovery.
Around mid 2016 price started to trend higher until the first quarter of 2018. There was that stop run again, during New Year 2019, to re-test the lows of 2016 and produce a double bottom.
This movement put price right into the buy zone on the...
Aud/Usd - Daily chart - I see a strong demand zone below current price for aussie dollar and I've taken a buy trade around 0.77 with stops below 0.7650 and targets of 150-200 pips. This correlates well with dollar weakness and other major fx pairs in buy levels.
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...