Potential AUDUSD Short 70 Pips
Updated
Hey Traders, #ForexFargo checking back in!
Today our analysis is on AUDUSD.
This pairs overall trend is Bullish. However there is an opportunity for us to short when price reaches our level of 0.72800.
I have set new Weekly Resistance and Support levels as we are now in a new month.
I have also marked off on the chart that I believe this price action candlestick will be the completion of a Head & Shoulders pattern. It will take a few days to complete and so will this trade.
Price should be triggered Overnight, as Sydney Session opens first and there should be momentum to push price back toward our new Resistance Level at 0.72950.
When price respects of Levels around 0.72800 I will place my Sell Limit there and if I get washed out by the Stop Loss, I will re-enter.
This trade is very low risk with an Entry at 0.72800. Stop Loss at 0.73000. Take Profit at 0.72000... This is a 1:4 RR set up.
BE SURE TO SET ALERTS AT YOUR LEVELS SO YOU DON'T HAVE TO CHART WATCH ALL DAY!
As always please leave, comments, questions and constructive criticism!
#ForexFargo OVER & OUT!
Today our analysis is on AUDUSD.
This pairs overall trend is Bullish. However there is an opportunity for us to short when price reaches our level of 0.72800.
I have set new Weekly Resistance and Support levels as we are now in a new month.
I have also marked off on the chart that I believe this price action candlestick will be the completion of a Head & Shoulders pattern. It will take a few days to complete and so will this trade.
Price should be triggered Overnight, as Sydney Session opens first and there should be momentum to push price back toward our new Resistance Level at 0.72950.
When price respects of Levels around 0.72800 I will place my Sell Limit there and if I get washed out by the Stop Loss, I will re-enter.
This trade is very low risk with an Entry at 0.72800. Stop Loss at 0.73000. Take Profit at 0.72000... This is a 1:4 RR set up.
BE SURE TO SET ALERTS AT YOUR LEVELS SO YOU DON'T HAVE TO CHART WATCH ALL DAY!
As always please leave, comments, questions and constructive criticism!
#ForexFargo OVER & OUT!
Trade active
Trade closed: target reached
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