Waiting for the next 2 x 4hr candles to test this support. If keeps wicking around this zone on the next 2 x 4hr candles. I’ll take the swing higher with stop loss just under the multiple wicks. Keep an eye on peeps, great risk/reward ratio here.
Waiting for price to test that strong resistance zone around 40.30 area.
Then i'll take trade at 40.30 down to profit zone 39.20,(looking for that price rally gap zone to be filled).
small stop loss on this trad. Its a invalid trade if price settles above $40.50 area
R/R is worth the trade imo.
After a test of the resistance Zones. I'm looking for the AUD/USD to retest the lower support and fill that rally gap up area. 255 pips on the table.
lets see if I can get a pay off. stop loss place slightly above resistance zones
The Australian Dollar comes under more pressure next week, with fears of recession, bushfires and Coronvirus virus putting pressure on its recovery back up.
This nose dive is purely based off negative news/events, technicals are out the window.
The goal here is to wait, I see a very profitable move either way.
1) If News continues to provide negative, expect...
De-escalation in the Middle East should result in a reset.
We see from the charts that the rally has caused a long rally wick that the market will eventually fill in.
As long as no further escalation in the Middle East, I see this heading back into its daily channel.
I’m looking at 1490-1480 by end of next week, and 1400 after that.
Good luck traders.
USD/CAD has bounced off 52 week low. Then failed to push past it in second attempt down. After price falls it usually re-visits the gap it made. Good possibility here of it swinging up again. Stop loss placed just underneath 52week low. Have a look, and see if it makes sense.