I would look for rejection from 1.40 level on USDAUD. It means long in AUDUSD.
Trading round figures on inverted charts (placing stops beyond round figures and targets a few pips below above round figure) is the way to go. It put odds in your favour, as price always struggles at those levels.
Currency markets are driven not as much as by individual banks but by...
EURUSD formed a double top / Double bottom in USDEUR.
Though this ell may end in head and shoulders and that should not be excluded.
As told, right now we are at very strong level 85 and if to expect a turn this is very it may happen, at 85. So watch this level carefully.
We fail for the 5th day at 85 - which says a lot.
As you see, we saw multiple rejections from 85 level. Note, this is inverted eurusd, this is how American financial system looks and trades EUR, in dollar value. This should be kept in mind. You will not understand what is going with EURUSD on until you see that USDEUR simply hit 85. I did quite a few trades to and off 85. It has to be decisive breakout candle...
For trading on daily and below watch round numbers on EURUSD and on inverted USDEUR (both!).
On macro level, watch major price imbalances on daily (to be balanced, aka filled) this is what I would expect.
I also watch Camarilla yearly and monthly S3 Reversal Levels.
I believe EUR is likely to stay weak this year and go back to the precovid trading level.
There are indications (Tom Demark breakout projection and Yearly Pivot) that price will make to yearly S1.
Bears closed on the trendline, and stayed there, also closed below the round number. This indicates that breakout will continue.
1.11 might be the yearly bottom this year. Short term, I am looking for price to reach yearly pivot and the next round number level.
Tradingview provides unique opportunity to watch round numbers both EURUSD and USDEUR.
Round numbers do work as support and resistance. Perhaps the only levels that one can rely on.
But it should be remembered that American continent watches and trades primarily USD vs EUR, while in Europe it is the opposite case.
Watch for round numbers confluence on mirror...
If we take a look at EUR vs yearly, quarterly and monthly opens, we can see an obvious rejection on daily. Monthly trend is likely to be bearish.
I believe yesterday candle was the top for June. Very likely.
For educational purposes only.
As you see, yearly open (usually its the same as yearly close) is crucial for determining the price bias during the year.
For euro to continue bullish, it needs to close ABOVE yearly open on weekly. But even if it does, there will be struggle at this level.
Then, as you see, yearly pivots usually serve as yearly tops and bottoms.
We saw price reversal at yearly...
Gold broke from the channel, broke the trendline, formed a dragon pattern and now we will see bullish rally to yearly Camarilla R3.
BECAUSE Gold is bullish eur might follow it (as it correlates with gold and oil, commodities are very bullish). So I am a bit skeptical about bearish euro after I saw this.
For educational purposes only.
This is what I expect in 2021. Right now we came back to yeatly close and are staying in the Yearly Neutral Area.
But we have hot several ILLIQUID THIN RUNS (GAPS) on daily to the downside. And it is VERY LIKELY price WILL GO to FILL THEM to their POINT OF RELEASE.
Please refer to Chris Lori Price Action Course of this matter.
Round numebrs are liquidity levels, where price usually STUMBLES OR REVERSES.
Trends move between round numbers and can be identified using closing prices (line chart).
To identify uptrend you connect DISTINCT higher lows on line chart
To identify downtrend you connect DISTINCT lower highs on line chart
Price tends to fail at 21 days highs and lows. Breakouts through those levels are rare and if they occur it is in the very end of the month (from 26) or in the first few days of the month.
3 weeks HLs are even more accurate SR levels than monthly HLs .