Still in a bearish trend as of now. I am looking for a possible retracement to the upside to short again around the 38.2 Fib level which also lines up with a previous support level which has turned into resistance. The structure of the market hasn't been broken to the upside as of yet.
Hey Guys and Welcome,
AUDUSD broke over previous week highs, we are following „Mid“-term Trend with a good RR.
Very bullish price action agains the trend occurred last week and formed a short-term strong uptrend, we are following this one expecting a
possible break of our Trendchannel to the upside.
Long: 0.78120
Sl: 0.77744 (40 Pips)
TP: 0.78506 (40...
Either the bounce will happen within the next hour or two or it will continue it's downward trend towards the next channel line where it will create a triple bottom and hopefully bounce back up to the top of the channel.
Hey Guys and Welcome,
AUDUSD broke previous Week lows, we are following „Mid“-term Trend with a good RR.
Very bearish AU formed a new H4/Daily and Weekly Low with a strong H4 Bearish price action candle we are following
this strong move..
Short: 0.76703
Sl: 0.77031 (35 Pips)
Tp: 0.76383 (35 Pips)
Tp2: 0.75918 (80 Pips)
Feel free to Comment and Discuss...
AUDUSD initiated a reversal end of last week, this week we have close eyes watching on AU as we believe that bulls now have control of the market. A break above weekly resistance will push us past 0.80000 again.
We have an ascending wedge on the monthly chart for the AU - an ascending (rising) wedge in a higher downtrend is bearish. On top of that, the coming price range between the two dotted horizontal black lines is the most likely area to cause a churning of price from this recent move up.
Will keep an eye on this one but should play out in the coming weeks.
I cleaned up the chart a bit for a better view of the Bullish Butterfly. The closed inverted hammer on the major quarter point is a good sign of bearish movement along with the re-tracement off of the 88.6 (thus far) which is indicative of the C point. I'm keeping watch to see but I don't feel that it's going to extend beyond that point especially after this...
A short term long trade.
Currently only posting 1 small trade per week. I actually went long a bit further down, but forgot that I hadn't posted anything yet this week.
AU has been ranging for a bit, and may form a possible head and shoulders pattern based off of the 4H chart. If you are long, I would take profit based on lower time frames and a break of the 8 day ema on the 15 minute chart. Looks to just be a pull back but, if it hits the .76463 area I'd be looking for a retest of the neck (see red line) and wait to see which...
