Hi traders!
(As always, our students got notified early about this analysis)
The AUDUSD is currently in a short term downtrend but in a longer term bull cycle. You can see in this chart that AUDUSD got hammered past few days and did a 3 month low.
Looking at the weekly FIB extensions we may have now hit a wall. Concidently, that FIB extension lines up perfectly with support. I'm also looking at how gold performed last few days and the same scenario happened. Gold now built a nice support zone that it couldn't breach to the downside.
This XAU move makes sense since AUD economy is built off commodities and vice versa.
Now that I got 2 confirmations that a up move is imminent, I looked at the RR. Since we could enter the trade right when it was sitting on said support, the RR on this trade is amazing. That makes it all worth to enter.
Here's what I'm thinking :
AUDUSD LONG
ENTRY : 0.7692
SL : 0.76525
TP : 0.79434
Trade safe!
Disclaimer: This is my trading analysis, it is not an invite or recommendation to trade.
(As always, our students got notified early about this analysis)
The AUDUSD is currently in a short term downtrend but in a longer term bull cycle. You can see in this chart that AUDUSD got hammered past few days and did a 3 month low.
Looking at the weekly FIB extensions we may have now hit a wall. Concidently, that FIB extension lines up perfectly with support. I'm also looking at how gold performed last few days and the same scenario happened. Gold now built a nice support zone that it couldn't breach to the downside.
This XAU move makes sense since AUD economy is built off commodities and vice versa.
Now that I got 2 confirmations that a up move is imminent, I looked at the RR. Since we could enter the trade right when it was sitting on said support, the RR on this trade is amazing. That makes it all worth to enter.
Here's what I'm thinking :
AUDUSD LONG
ENTRY : 0.7692
SL : 0.76525
TP : 0.79434
Trade safe!
Disclaimer: This is my trading analysis, it is not an invite or recommendation to trade.
Trade closed: stop reached:
King USD pounded every pair yesterday! This trade was worth the risk still! We only have a 35 pip loss on this one.