ForecastCity
Long

A great opportunity to buy in AUDUSD

FX:AUDUSD   Australian Dollar / U.S. Dollar
Midterm forecast:
While the price is above the support 0.7020, beginning of uptrend is expected.
We make sure when the resistance at 0.7445 breaks.
If the support at 0.7020 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:
The RSI resistance #1 at 56 is broken, so the probability of beginning of uptrend is increased.
A peak is formed in daily chart at 0.7300 on 11/08/2018, so more losses to support(s) 0.7180, 0.7105, 0.7085 and minimum to Major Support (0.7020) 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 57.

Trading suggestion:
There is possibility of temporary retracement to suggested Buy Zone (0.71800 to 0.70850). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

Beginning of entry zone (0.71800)
Ending of entry zone (0.70850)

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 : @0.7230
TP2: @0.7320
TP3 : @0.7445
TP4 : @0.7575
TP5 : @0.7655
TP6 : @0.7805
TP7 : @0.8135
TP8 : Free
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