The price at 0.653 remains a strong support level for the Kiwi dollars. It attempted to rebound from this level to 0.65988 but failed to go higher and came back down to the support level.
So, let's be patient and wait to see how it performs before we react. If bullish signals continue to support, then we can take a long trade at the support level. But, if it breaks down from the support level and continue to tumble down below 0.65, we want to be extra careful. Afterall, the red line is the weekly bearish trend line where it has broken out recently.
If the price action returns back to the bearish trend line, can we expect the same for AUDUSD as well ?
Thus, no buying or shorting for now but studying the chart and getting ready to pounce on the opportunities coming up later this week. Be patient, do not go forth before the Market as the lessons are costly.
So, let's be patient and wait to see how it performs before we react. If bullish signals continue to support, then we can take a long trade at the support level. But, if it breaks down from the support level and continue to tumble down below 0.65, we want to be extra careful. Afterall, the red line is the weekly bearish trend line where it has broken out recently.
If the price action returns back to the bearish trend line, can we expect the same for AUDUSD as well ?
Thus, no buying or shorting for now but studying the chart and getting ready to pounce on the opportunities coming up later this week. Be patient, do not go forth before the Market as the lessons are costly.
Note
we took a small position last evening as bullish signals at 2100 (bullish engulfing candles) and resting on 0.653 as support.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.