AUDUSD Dropped Trendline and at Technical Decision Point
Watching AUDUSD closely here as it bangs against major resistance at 7755 level.
With this week's large bull candle the AUD dropped a trendline dating back to Jan 2016.
The other times this trendline was dropped was May of 2016 and May of 2017. If this cycle continues we could be
due for a push higher.
I'll be watching LTF in the asian session for a chance to fade this resistance - moving quickly to BE in case of the move higher.
Otherwise will be looking for long entry if retraces back to 7650 area.
All published ideas are for educational and informational purposes only. Note specific entry ideas posted here may be part of a larger position and/or portfolio held by the author. Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
With this week's large bull candle the AUD dropped a trendline dating back to Jan 2016.
The other times this trendline was dropped was May of 2016 and May of 2017. If this cycle continues we could be
due for a push higher.
I'll be watching LTF in the asian session for a chance to fade this resistance - moving quickly to BE in case of the move higher.
Otherwise will be looking for long entry if retraces back to 7650 area.
All published ideas are for educational and informational purposes only. Note specific entry ideas posted here may be part of a larger position and/or portfolio held by the author. Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
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