how price will play out the start of next week a break above trendline will lead us to enter long positions
however a rejection of the trendline again could be an aggressive entry short
my bias is neutral right now, but I do favour more upside
after todays dollar plummet its safe to safe we are coming into bearish territory on UJ, which looks like the start of a descending channel.
we could just fall straight down from daily res level here before coming to test the channel again, but if we do come up to test I will be looking to sell again
here is what could play out for aud/usd.
not much explanation is needed as the picture pretty much says everything.
I think we go into consolidation for a little while and then we will get a more clear picture of which direction we go in.
this is a brilliant sell setup. I will not be taking it though due to lots of high impact cad news in 1 hour
let me explain why this is a perfect sell
1- double top on the higher time frames
2- break and rejection of ascending trendline
3- zone tapped multiple time and showing lots of rejection
simple long on this, very bullish momentum on this pair with the ascending trendline being tapped for the third time now.
this was my entry point combined with the MA crossover on the 30m chart
lets see how this one plays out
i do believe we will re visit the highs of 1.20000 shortly, this chart on the 30m timeframe show a current descending channel that we are in.
we need to wait for a clear break of the daily red resistance line and then a good retest for us to consider any long positons
this pair as been stuck in this zone for weeks now so when it came down to test the highlighted rectangle area and rejected this told me longs would come into play, I waited for the break and retest of the trendline and weekly support.
long now on this pair after we broke above my green line of resistance and came back down to retest, very simple trade and very good setup to ignore. we will go to my blue line next and if we break that this pair will fly
weak RBA minutes as given this a push up to the current 1h descending trendline, this pair as been very bullish as of late and is ready for a fall now of around 80 pips.
there is also a double top on the weekly and price as been unable to break them highs set many weeks ago now.
I have set my SL above the red res line just incase it does fake out past the...
very bearish finish on this pair last week, I think we will open this week with a 60 pip move to the upside to create a new LH and then fall back down past 112.000 to weekly support. my SL is slightly higher than I would like on this pair but its a risk worth taking I believe
given how weak the cad is becoming this trade looks brilliant towards the end of Q4, I believe a retest of the ascending trendline and fib retracement level we will see a very big move to the upside. I wont be entering this trade until news as cleared during the week
we have seen the bullish run from this morning hit peak now and after 4 attempts of the resistance it as been unable to break through.
pullback to the trendline is only a matter of time now, should be a nice amount of pips.
aud as continued below the 2 descending trendlines, we have seen several attempts to break and even with the positive aud news last night price as been unable to.
also with my long bias on the dxy this pair should comfortably fall now.
we have a clear break on the daily chart here, I would like to see a retest of the bottom support but I feel now we could come right up to resistance. I wont be entering this trade just yet due to the amount of USD news today. hope this gives you a clear picture of a tricky pair this week