Australian Dollar (AUD) / United States Dollar (USD)
4H Time Frame
As you can see AUDUSD is currently sitting on one of its past support spots this is why i have 3 arrows for possible direction because of its support in its area.
Arrow 1 - could be rejected by the current support is is on and carry on down trending towards 0.64278.
Arrow 2 - could...
As I said last week ....I will look for BUY up to the 0.81400 area and from there ... SELL at least 500-700 pips!
However, a close even on a day below 0.78300 will make me think of SELL right in this area !!!
THIS WEEK...AU started the descent as we anticipated last week when it hit the trend channel line! As I said at GU ... AU will make a range in this area and...
Downward resistance break out with bullish engulfing.
Engulfing on support level & 55 moving average.
Enter on engulfing confirmation.
Stop loss below engulfing.
Weak US labor force and democratic control of government means a lot more stimulus.
This supports a weaker dollar.
Do you agree? Share your view:)
Engulfing & Shooting Star reversal candle on rising wedge
MACD Divergence + RSI divergence (not shown in chart)
Take profit levels and stop loss shown on chart.
Tip: set the TP levels a few pips higher.
Share your view
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From August 2011 AUDUSD shows an bearish momentum. Above is the 4h chart. The key area to be considered is the consolidation of price between 0.70959 to 0.70554.
If the market breaks that consolidated area above 0.70959 there is a high probability of market moving upwards to 0.71450.
Market may also move downwards if it breaks the 0.70554 range. price could...
Looking at the Aussie dollar against the USD, we can see on the daily that we have downward pressure along with the bearish divergence playing out.
I have 2 levels as a point of interest.
The 0.5 fib retracement and 0.618 fib as one can see that this has confluence with the wedge breakout target, and along with the daily EMA levels.
USD (DXY) is...