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Tradeitsimple

GBP/AUD Trading at resistanceFX:GBPAUD The rate is currently trading beneath some important resistance levels - the 6-month falling trendline starting after the rate made a breakaway gap from the Brexit low, the former channel support as the new resistance and the monthly high at 1.7170. I am bit more bearish here and will consider entering a short on a break below 1.7000 to target the current range lows at 1.6820 and the 100% box range breakout target at 1.6520, however, I will be open to taking a small long position in case of an upside break above 1.7170 in which case we should be looking for a move higher to test the major falling trendline resistance in the 1.7335-1.7450 area (the box range breakout targets for an upside break)
by TradeItSimple
SHORT 2017 predictions on Crosses - AUD/NZDFX:AUDNZD Currently trading within a contracting range, so we’ll get get some kind of resolution quite soon. I am bit more bullish here, because of these two head and shoulders patterns. I am looking for a break above 1.0800 to trigger the smaller one, which is also important because of the major falling trendline, for a move towards the neckline of the larger head and shoulders at around 1.1300 and if we get a break there – target the 61.8% breakout target which is also former broken support area around 1.2100 For full 2017 predictions on crosses click here
Long
by TradeItSimple
2017 predictions on Crosses - EUR/AUDEUR/AUD This year it broke the rising channel, tested it as the new resistance, but stopped dead with no follow through. For weeks now it has been stuck in quite a tight range between 1.4100 and 1.4500. I am still more bearish here as it is putting a lot of pressure on this 1.41 level., however, not so far down below we have a major support area around 1.3800, so we have to be very careful here. From the topside we have a year-and-a-half falling trendline, so to even consider any longs we really have to push through that one. If we do that we could be looking for another test of the former channel and the major falling trendline, but I wouldn't be looking for targets much higher than 1.5000. For full 2017 predictions on crosses click here
by TradeItSimple
2017 predictions on Majors - AUD/USDAUD/USD The aussie is currently my top trade for 2017 and I've already have some shorts running here. As you can see – the latest drop and breakout from this wedge formation comes after just touching this former broken channel support which has become a major resistance. I am currently targeting the 2015 lows around 0.6900 but I do believe it’s possible to get all the way down to the next psychological support and the 8-year lows at 0.6000. I will also be closely monitoring this rising trendline (dotted) – as we could be seeing some kind of consolidation triangle between it and already mentioned former channel support. Take a look at my other predictions for 2017 here
Short
by TradeItSimple