AUDUSDAUDUSD - Interesting look
It is very interesting range forming, we got pattern, we are at key resistance on higher time frame, within in a channel + TL but it's a waiting game on this and I think many take time it may break next week FOMC, I think that's when all FX majors will break out to either direction further. You can't predict what the FOMC are going to state, you can look at CME FedWatch Tool, which is useful but Powells commentary you can't predict that unfortunately...
So what's the plan In-between now and then I trade within the ranges that would be lower time frames until this breaks either direction and then you got think to yourself 1. Is this a false break out either direction? 2. What made it break out was it more DXY move etc There are many other factors to take into consideration. That's where your OWN plan comes into execution. It's really important to not follow these marketing signal providers, trading gurus that try sell you expensive courses, they not worth it and various fancy indicators etc. There are many out there, but that's not what's going to make you successful in trading that's the reality but a trading plan of your own, that's when you're set for life!
If it breaks below technically the 200 EMA is your target area and break above that psych level .7200 areas is target areas.
A great trader once told me, "Don't make your PnL on a Friday".
Have a great weekend,
Trade Journal
Aussielongsetup
AUDCAD harmonic structureSimple idea..with price in a discounted favorable spot.
We seem to be close to the 127 fib extension with a bullish harmonic XABCD pattern. I see a reversal coming soon. I have entered for a 1:2 risk ratio here on the FX account. We are at a new low for daily and we are pretty far down on weekly as well. Have a look at most of the aussie pairs. I think you'll find a lot of good setups coming our way! Price is currently in a pinching pennant. I would love for a breakout INV head and shoulder reversal confirmation from here. A solid break above the high of June 4th (.93 zone) will surely take us back to point C.
:) I am aussie strong for a few weeks
AUDUSD - Northward bound to 0.8950After four years of a declining aussie dollar, and price reaching close to GFC levels, there has been a slow recovery.
Around mid 2016 price started to trend higher until the first quarter of 2018. There was that stop run again, during New Year 2019, to re-test the lows of 2016 and produce a double bottom.
This movement put price right into the buy zone on the weekly and daily charts. With the MACD confirming a divergence with price, I'm long with my first target of 0.8950.
AUDUSD - DAILY CHART - BUY SETUP/DEMAND ZONEAud/Usd - Daily chart - I see a strong demand zone below current price for aussie dollar and I've taken a buy trade around 0.77 with stops below 0.7650 and targets of 150-200 pips. This correlates well with dollar weakness and other major fx pairs in buy levels.
Aussie Dollar on Breakout? @0.71810The pair showing bullish strength with a near bounce from the most recent daily trend line. I'm hoping for a breakout for the pair and planning to ride along towards the 32.2% Fib (0.73852) and a SL just below the trend.
Entry: 0.71810 ( Daily Breakout of Trend )
TP: 0.73852 - 177.8 Pips ( Fib 32.2% + Support)
SL: 0.70911 - 93.8 Pips ( Below Daily Trend)
Any views?
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Regards