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AUD/USD

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Quoting babakeni
Potential head shoulder formation. Currently price at support. Bullish on this, going to next week. Targeting 0.72935 {image}

72 is sell zone and 71 is intraday buy..overall trend is down
I NEVER LOSE/=I EITHER WIN OR LEARN
D1 end of retracement.
ready to pull back
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Profit growth tells you the trader ability.
The Aussie dollar testing back yearly support level at 0.7180.


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Looking at quarterly chart; very weak dynamic pressure on buy signal , market testing first 0.318 resistance and starts falling down. Yearly support level at 7180 stands as a fulcrum level if the market cant on it hold this will be bearish for aussie with the quarterly trend change approaching. On the upside 0.84 stands as massive resistance zone.

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On the monthly trend is down; market closed below 0.618 fib resis. + fib extension agreement zone and taking out the stops below 0.7140ish. If we dont see a wash rinse; the next target will be 0.6799 just below the lows.

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Weekly trend is also down. We had a confirmed buy on daily but couldnt get folllow through on that. If the market can achieve to push higher first good resıstance zone stands at .7230-.7250 (market will be OS too) and more resistance higher up at .7290-.7330.

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So on the long term lets monitor yearly fulcrum level at .7180 together with quaterly trend change. On the montly fib extension just below the lows at .6799 is important. And lets see how the market reacts at daily/ weekly confluence+ agreement resistance zones.
Here's my take on the AUDUSD, from the technical perspective of a swing trader.

On the H4 time frame, price action is in a consolidating phase within an ascending triangle (magenta). Such a pattern is technically prone to a southward breakout. However, in a period of uncertainties or ambivalence as we currently have in the markets, it is better to step aside and wait for clarity of price action. Much likely, a break of the triangle support will lead to a bearish continuation and momentum.

I may be wrong. Trade safe and prosper.

KP

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Do your homework, follow the footprints of smart money
Quoting donfriday
{quote} 72 is sell zone and 71 is intraday buy..overall trend is down
Still bullish. Believe the momentum upwards is still there having not broken way past 0.7100. Currently major support at 0.7240 is holding (head and shoulder formation) Resistance around 0.73000
just took some longs at 7162, risk 10ish....

just narrowly escaped the move down....lets see if they bully can build on the move up, I'd like to play for 7230 or so....but lets what the PA says....laterz
Look Sharp/Trade Tight
Hey guys the reason AUD is up not because of patterns or charts or anything like that.
There is news that the CNY government has injected 100's of millions into the banking system and there is also talks that the trump may reduce tariffs.
Quoting jpcashflow
Hey guys the reason AUD is up not because of patterns or charts or anything like that. There is news that the CNY government has injected 100's of millions into the banking system and there is also talks that the trump may reduce tariffs.
That injection results into a move on the chart that is either up or down!
Quoting Cryptos
I see good short Intraday level on 0.7178 from Volume profile. Lot of accumulation contracts for short from Order flow. i am waiting for pullback to this area and take + 10 pips. Risk reward 1:1

Why only 1 to 1, why work so cheap? You can get some better action that that? no?
Look Sharp/Trade Tight
anyway, my opinion is we are going higher, and I'm gonna sit with my longs, maybe for a day or two, if they let me....or until I see something to indicate otherwise, good luck...
Look Sharp/Trade Tight
Quoting babakeni
{quote} That injection results into a move on the chart that is either up or down!
I agree but don't rely on charts, rely on facts.

Rely on reason why something is going up or down.
Quoting jpcashflow
{quote} I agree but don't rely on charts, rely on facts. Rely on reason why something is going up or down.
According to you, the fact that China has injected some money has resulted into upward movement, what of all the times it has moved lower. Did China withdraw the same! No one has monopoly of ideas on trading. Your fact is not necessarily my fact or someone else's. For me everything is priced in on the chart. Still every bullish on AUDUSD towards 0.7300.
Quoting babakeni
Potential head shoulder formation. Currently price at support. Bullish on this, going to next week. Targeting 0.72935 {image}
As with all trading, key is patience, sound risk and money management. This should play out by Thursday. Resistance at 0.7300. Forex is about probabilities. You don't have to win all the time to profitable. Just most of the time. More pips to all!
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Quoting PayTheLimit
anyway, my opinion is we are going higher, and I'm gonna sit with my longs, maybe for a day or two, if they let me....or until I see something to indicate otherwise, good luck...
Ascending triangle
https://www.news.com.au/finance/real...69eabecc78dfe2

The opposition are looking to tax Australia into poverty with tax property changes that could wipe out the economy.
Look no further than USA sub Prime 2007/8
The latest poll puts them ahead by 7pts .
I will be short selling every Australian financial stock if they get in .
Closed long position. Upward momentum seems exhausted. 0.7240 is also a resistance area (hourly chart)
Quoting babakeni
Closed long position. Upward momentum seems exhausted. 0.7240 is also a resistance area (hourly chart)
0.7240 resistance holding. Currently sold targeting 0.71656.
AU testing resistance ZONE ....caution buying..
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I NEVER LOSE/=I EITHER WIN OR LEARN
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