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Audusdtrade

AUDUSD right on major support, time to start buyingBuy above 0.7577. Stop loss at 0.7556. Take profit at 0.7642. Reason for the trading strategy (technically): Price is now right on our buying area. We prepare to buy above 0.7577 support (Fibonacci retracement, Fibonacci extension, horizontal swing low support) for a bounce up to at least 0.7642 resistance (Fibonacci retracement, horizontal overlap resistance). Stochastic (34,5,3) is seeing a nice bounce above 4% with good upside potential. Reason for the trading strategy (fundamentally): It’s too tricky to call a move on NFP this month as there are too many mixed signals. Arguments for stronger payrolls include Challenger job cuts, employment component of manufacturing ISM rising, consumer confidence rising to 118.9. However, there is also strong arguments for weaker payrolls with Employment Component of Non-Manufacturing ISM dropping to 55.8 from 57.8, ADP Employment Falls to Lowest Level Since October, 4 Week Jobless Claims Average Rises to 243K from 239K, Continuing Claims Rises to 1.956M from 1.929M and University of Michigan Index Drops to 95.1 from 97.1. We lean slightly closer to USD weakness which means it is in line with our rise in AUDUSD.
Long
by MEX_Exchange
AUDUSD continues to test major resistance, remain bearishSell below 0.7697. Stop loss at 0.7725. Take profit at 0.7634. Reason for the trading strategy (technically): Price continues to test major resistance at 0.7697 (multiple Fibonacci extensions) and we expect a strong reaction off this level for a drop to at least 0.7634 support (Fibonacci retracement, horizontal pullback support). Stochastic (34,5,3) is seeing strong resistance below 93% where we expect a strong drop from. Correlation analysis: AUDUSD and NZDUSD are both strongly positively correlated as seen in the histogram. Both are expecting drops for today too and it is always better when they are moving in tandem.
Short
by MEX_Exchange
AUDUSD right on major resistance, time to sellSell below 0.7554. Stop loss at 0.7588. Take profit at 0.7490. Reason for the trading strategy (technically): Price has testing our major resistance at 0.7554 (Fibonacci extension, horizontal resistance) and we expect a strong reaction off this level for a drop to at least 0.7490 support (Fibonacci retracement, horizontal pullback support). Stochastic (34,5,3) is dropping nicely from our 93% resistance with good downside potential. Correlation analysis: Overall AUD weakness expected today with a drop on AUDUSD and AUDJPY.
Short
by MEX_Exchange
Long AUDUSDToday's trading setup is coming from the AUDUSD pair. I am looking at this pair and seeing a major support level. I am also seeing a price action confirmation. The daily candle is a bullish engulfing candle that has formed after a long-legged doji candle. This bullish confirmation after a hesitant candle is giving me green light for a long trade. If I decide to trade this pair, it will be after a small retracement towards 0.7475. My stop-loss would be placed just below 0.7425. My first target is the level of 0.7600. My secondary price target would be the level of 0.7750. Happy Trading,
Long
by colibritrader
AUDUSD testing major resistance, remain bearishSell below 0.7589. Stop loss at 0.7622. Take profit at 0.7514. Reason for the trading strategy (technically): We remain bearish looking to sell below 0.7589 resistance (Fibonacci retracement, horizontal overlap resistance, bearish divergence) for a push down to 0.7514 support (Fibonacci retracement, horizontal overlap support). Stochastic (34,5,3) is seeing major resistance below the 93% level where we expect a corresponding drop in price from. We can also see bearish divergence vs price signalling that a drop is impending. To read about the daily technical analysis strategies in more detail, you can check them out here : www.theforexarmy.com
Short
by theforexarmy
AUDUSD above major support, remain bullishBuy above 0.7696. Stop loss at 0.7643. Take profit at 0.7780. Reason for the trading strategy (technically): Price has bounced up really nicely above our support from yesterday. We now remain bullish above support at 0.7696 (Fibonacci retracement, horizontal pullback support, breakout level) where we expect a further push up to 0.7780 resistance (swing high resistance, Fibonacci projection). We also tighten our stop loss to 0.7643 to protect our profits. RSI (34) is seeing ascending support holding price up really nicely.
Long
by theforexarmy