Buy Ausse at the level! ATTENTION:
According to the the long-term back-tests (from 15 to 20 years) on different instruments, the W% of this setup is only around 25% to 30%! So the only way you can make money continuously out of this setup is risk and money management! the proper risk management for this setup is risking around 0.5% of your total trading capital as SL amount.
According to the trend and also the "supply and demand zones" there might be a good place to enter a long trade!
Ausse
AUD/USD potential inverted head and shoulders - Short term sellAUD/USD did not play out how we predicted last week! Trump's press conference gave USD a chance to correct and give this pair a push higher to break support and this descending trendline. AUD/USD is currently sitting at key weekly support which price reacted off nicely recently. We will be looking for a pullback to the 50 fib/next support at 0.7350 to form a right shoulder of this potential inverted head and shoulders, then longs continue past the neckline at 0.7500 to hit the 61.8 extension at 0.7700 to complete the pattern. Due to such a strong bullish weekly candle the bulls could easily keep pushing and not give a pullback so we will watch this one closely
EURAUD possible short rejection at weekly trendlineHere we can see heavy rejection at the major weekly trendline.
- RSI divergence can be seen with formation of a possible LOWER HIGH
- Bounce from trendline resistance also aligning with key fib level
- Short on break and retest CTL
- Price is currently ranging within triangle