Audusdbuy
AUDUSD LONG - Buy Entry - H4 ChartAUDUSD LONG - Buy Entry - H4 Chart
Buy @ Break of 0.72114
Symbol: AUDUSD
Timeframe: H4
Type: BUY
Entry Price: Buy @ Break of 0.72114
Resistance Becomes Support @ 0.72114
TP - Resistance @ 0.72961
TP - Resistance @ 0.73220
Support @ 0.71653
Is it risk on for the AUDUSD? Is it risk on for the Aussie dollar? Russia launched a full scale attack on Ukraine this week and this caused a short dip in the market before a strong reversal, bringing up the prices of risk on asset classes across the board. Are we going to see a continuation of trend for the audusd or will there be a deeper correction?
BULL CASE
Price makes one more push up to 0.7350 where it meets stronger resistance.
BEAR CASE
Price breaks down from here and finds some support at around 0.695 area.
We are slightly bias to the upside. If price breaks the stronger resistance, we will be looking at a sustained move to the upside and a larger long term consolidation range.
Break of consolidation structure coming for AUDUSDThe aussie dollar traded in a sideways action this weak, consolidating upwards from it's downward trend. Shorts that have got in this week would have given up and it looks like the move on the last day of the week signals a stronger break to the downside. This push to the downside will likely find some support around the 0.69 levels before the market decides what to do. From a macro perspective, a long and rough ride to 0.675 is what I will be expecting to see. If you are able to get in for a short this week, this level is good for an entry and your stop loss should be safe by placing it on 0.723.