One of the reasons why I pulled the trigger on my AUD/USD trade is that there’s a doji at the 1.0200 handle, which has supported the pair since 2010. But will it go up all the way to the 1.0400 or even the 1.0600 area? I’m definitely crossing my fingers on this one!
AUD/USD has made some failed attempts to break above the 1.0300 major psychological level over the past few days. Right now, the pair is once again testing that resistance level after forming a long-wicked candle and with stochastic making its way down from the overbought zone. Could this mean the pair is headed back to the 1.0200 level again?
Think audusd back to 1.0200 or 1.0190
Given how comdolls often pop up channels I feel excited about this one. AUD/USD is being supported by a mid-channel level while Stochastic is also hanging around in the oversold area. I could place my stop at the day’s low and aim for the top of the channel for a good R:R.
I am bullish on the AUDUSD as there is a pin bar formed on the daily chart. Also waiting for price to retarce back slightly to take it long
Is a breakdown in the cards for AUD/USD? The 4-hour time frame shows that a rising wedge is currently forming. The question is, where will it go? Stochastic seems to hint that Aussie bears are in control at the moment as the oscillator is crawling down from the overbought region.
4 hour chart - Bearish Cypher pattern D point completes at 1.0495. Some structure looking left. Probably lots of sell orders around the 1.5 handle. Looking ripe for a reversal. I have a limit sell at 1.5005, Stop loss at 1.5040. for a quick drop down to 1.4950
Please check levels, CMP is 1.0440
Lots of Aussie traders are on the lookout for AUD/USD’s 1.0600 handle, which has served as a strong resistance level for the pair since Q3 2012. Heck, I have even designed a trade setup around this level a few weeks ago! It didn’t work out for me but you’re welcome to trade the major psychological level!
Looks like that double top on the 4-hour time frame didn’t work out for AUD/USD! Support at 1.0400 held once more, although the pair dipped a little lower, and AUD/USD seems poised to make another top around the 1.0500 major psychological level. Stochastic is in the overbought region though, suggesting that a selloff could take place anytime soon.
Going short on the AUDUSD Pair.
-Stochastics Oversold.
-ABCD Bearish Pattern.
-Bounce from top of channel.
What do you think is next? A selloff? Stoch on 4H and 1H oversold. Suggestions?
Exactly. Price is at 1.0500 and is making a Triple Top. A Sell off is likely. Waiting for more confirmation.
Alright. I’ll be on the lookout.
A quick question, what do you usually use as confirmation?
Breakout of trend line. I will draw a rising trend line in a lower time frame like 5m, 15m, 30m etc and will watch for a lower time frame candle to close below the trend line.
Now I already entered on a short trade based on a 15 minute candle close below the rising trend line.
Have a look at my thread Bijoy’s Trading Set ups for more updates and trade ideas on other pairs too. Initially go through at least first 10 pages and then look at the last pages.
Trade Details
Please read Short @ 1.0376 as 1.0476. It was a typing error
Looks good. Thanks. 