AUSIE Hi everybody.
Currently, we look at the H4 time frame and see that this pair is forming a corrective wave B - the foot of the wave is in the form of ABCD.
Analyzing on H1 chart - AUD future, we find that the pair is moving within a narrow price range of 0.684 - 0.689 - accumulating to move upwards, the target is expected to be in the area of 0.692 - 0.695 to complete wave B .
Now, looking in the accumulation area, we see a volume of 2 times creating Buyingclimax at the bottom of the rectangular box. The price is now moving higher to the top of the box, and has begun testing the supply with a small volume bar - this is good news because the supply has shown signs of exhaustion.
We are now waiting for the price to break out of the rectangular box with a high volume in order to identify the breakout above.
The difference between AUD-US 10-year bond yield shows that the trend is still supporting the AUD
Accompanying with technical analysis, basic information of RBA this morning showed that RBA's policy is to support AUD, though not much, it is enough to make the market reassuring.
Happy Trading!
#GrabTrader
AU1! trade ideas
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Rising wedge Australian dollar /United stase dollar future contract is trading in a Big Rising Wedge, I thinkit will be broken and price might fall.
We can clearly see a divergence between ON BALANCE VOLUME and PRICE.
Fundamentally AUD is going upthese days due to Optimism about a Covid-vaccine and a V -shape recovery in international indices. However there are still high risks related to USA-CHINA trade war and potential impacts on Australian economy (AU and China are commercial partners and if China exports will be damaged Australian economy will be influenced)
Open a short trade with target 0.63
6A testing Support/Resistance + Trendline, 4Hr TF AnalysisMarket Structure:
- The strong trendline is broken, showing the uptrend is over, but doesn't means trend will reverse.
- In 4Hr timeframe, we can see after the trendline is broken, price retest R1 again but failed to move higher/breakout.
- It looks like moving in range between R1 and S1 in 4Hr TimeFrame, with Lower Highs (No lower Lows) forming a trendline within the range.
- Right now it is testing previous key Support/Resistance and inner trendline inside a range.
Strategy:
- I will keep this in my watchlist and monitor further
- If it break below S1, I will anticipate to go Short.
- If it break above inner trendline, I will waiting to Short near R1
Roller Coaster Update from tonights webinarI was explaining tonight why I wouldn't take a Roller Coaster short signal on our W5T Roller Coaster Smart List subscription that scans 21-22 symbols on 7 different timeframes for breakout trades. This is a follow up to that webinar showing it did drop to the channel and a little below as I thought it would. It needed to touch the bottom channel line first that is based on a 240 time frame on a 5 min chart.