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Audlong

AUDUSD Long off Daily ChartAUDUSD looking great for a long setup. Not the best risk:reward ratio on this one, but a great setup. Let's take a look. First, let's start with the AUDUSD chart on the daily timeframe. Price has stayed in this relatively small channel for the past couple of months quite nicely. We've taken a bounce near the bottom, with a strong bullish candle. Furthermore, there is a mild divergence in the RSI. Although AUDUSD is making higher low, the RSI actually reached 35.93 at this low vs 36.26 at the previous (lower) low. Not a strong divergence, but there nonetheless. On the AUD basket I use, we can see a similar trendline supporting some AUD strength. This basket is the AUD compared to the other major currencies, and we can see an overall period of strength coming off this supporting trendline. Finally, we have the USD basket, similar to the DXY. The 1.106-1.114 zone has served as a nice resistance zone for the past couple of months. In fact, we may have a bit of a head and shoulders forming here. The USD has potential for weakness here. It has not shown clear signs of a downward move, but if we wait too long for this trade, we may not find a solid risk:reward ratio. RISK MANAGEMENT NOTE: If you know my trading system, you know I do not over-expose on trades. I risk 2% per trade, but if I have two entries on one currency (such as AUD), I will enter with 1% risk on each of the two. I am already short EURAUD off the 15 minute chart since last night (14/11/21). I have legged in several times, and my stop is well clear of breakeven. Thus, I took a full 2% risk on this trade. ENTRY: 0.73504 STOP: 0.726 (below the last swing low on the daily chart) TP: 0.753 (right at the previous swing high on the daily chart) This leaves us with a roughly 1:1.8 risk:reward ratio.
Long
by MRobertsTrading
AUD/USD Long as CPI data could force RBA to change courseA very strong new trend emerging that has stopped only on the first attempt at the 200DMA on the AUD/USD at 0.7550. The trend is underpinned by strong commodity prices and the idea that Australia will not be immune to inflation as it reopens from lockdown and that the RBA will join RBNZ, BOC, BOE and the FED in being worried about inflation when it picks up in coming months. Q3 CPI is Wednesday 27th of October and anything hot here could cause another frenzy like when New Zealand released their inflation on Monday this week coming in at 4.9% y/y. Targets are the previous range support at 0.7675 on a break of 200DMA. Support is seen from the trendline at 0.7440 and 0.7380
Long
by easyMarkets