AUD/USD is a good pair to watch this few weeks to come.
It has currently formed a rising wedge or a bearish pennant on the Weekly chart, with the lower TFs showing weakness as well.
If the bearish strength is great enough to break both S1 and S2 at 0.75065 and 0.74357, then the next target should be at S3, 0.71346.
Good pair to enter on the shorter timeframe...
I am BULLISH on Daily for UJ.
Here's why:
1. 3 bottoms (circled in green) suggests price was unable to find lower ground 3 times, making the support a sturdy one.
2. It has already cleared R1 level at 104.317. Unless something out of the blue happens, I don't see why it shouldn't hit R2 at 107.442 area since there's nothing in its way on the chart.
Hey guys, here's my view on EUR/USD:
Price finally broke out of range and market sentiment is EXTREME bearish.
I expect price to retrace back to the previous support zone (now resistance zone) before shorting it on its next wave down.
There is lots of downside room to fall which would make this trade one with a good RRR.
Trade safe!
Bearish channel within bullish flag is still holding. Expect sellers to step in soon to drive price down.
Personal expected RRR is 2.5.
If price breaks upper bound of channel and close above 1.006, idea invalidated and my bias will switch to bull
