Wednesday, July 29, 2015

AUDUSD Update - At major support - perhaps a trade idea? Last week of July 2015

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.

Risk Level - Medium

Tips -

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