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Audusdtrade

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