AUDUSD Update - At major support - Last week of July 2015
Monthly Chart
- This is a monthly candle with two more days to go
- We have just hit major support
- Look at previous price reaction at this level
- Ascending Trendline drawn from the lows from 2000 and bounce from 2009, and possible bounce in 2015 ?
Weekly Chart
- Just another closer look at the level we are at, (Support) - note weekly candle not closed
Outlook Trade opportunity
So what does this mean? - I have exited my shorts for the Aussie and now based on yesterday's price action on the H4, from an expected support level, I have entered long with stops at the low . Looking for at least 1:2 (Risk to reward)- Will exit once hit my target at shy of 0.74, and will reenter accordingly if bullish bias is to continue.
