ForecastCity
Long

A second Chance to Buy in AUDUSD...

FX:AUDUSD   Australian Dollar / U.S. Dollar
Midterm forecast:
While the price is above the support 0.7085, beginning of uptrend is expected.
We make sure when the resistance at 0.7380 breaks.
If the support at 0.7085 is broken, the short-term forecast -beginning of uptrend- will be invalid.
We will close our open trades, if the Midterm level 0.7085 is broken.

Technical analysis:
While the RSI downtrend #1 is not broken, bearish wave in price would continue.
A trough is formed in daily chart at 0.7075 on 01/25/2019, so more gains to resistance(s) 0.7230, 0.7300 and maximum to Major Resistance (0.7380) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index ( RSI ) is 53.

Trading suggestion:
There is still a possibility of temporary retracement to suggested support line (0.7085). if so, traders can set orders based on Price Action and expect to reach short-term targets.
If you missed our first HUNT, you have a second chance to buy above the suggested support line (0.7085).


Entry signal:
Signal to enter the market occurs when the price comes to "Buy zone" then forms one of the reversal patterns, whether "Bullish Engulfing", "Hammer" or "Valley" in other words, NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone. To learn more about "Entry signal" and the special version of our "Price Action" strategy FOLLOW our lessons:

Take Profits:
TP1= @ 0.7085
TP2= @ 0.7150
TP3= @ 0.7230
TP4= @ 0.7300
TP5= @ 0.7380
TP6= @ 0.7445
TP7= @ 0.7575
TP8= @ 0.7655
TP9= @ 0.7805
TP10= @ 0.8135
TP11= Free
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Thank you for sharing. nice explanations!
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@fxniki, we are so happy to have such a supportive followers. thanks for your comment.
Reply
@fxniki, we are so happy to have such a supportive followers. thanks for your comment.
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