Hey traders, how is your trading going so far this week?
I hope you have been able to take advantage of my previous analysis, if you did, I’d like to know how it went…
Last tuesday I analyzed the AUDUSD long term charts and my conclusion was that we needed to wait a little longer before taking any trade.
Today its Thursday, so I’d way its enough waiting, dont you think?
So maybe its about time to take a trade here… but first let me show you the short term analysis.
AUDUSD Short term Analysis
Here is the hourly chart:
The AUDUSD traded in a short term range around an important long term level, so we needed to wait for the market to break that short term range.
It looks like the AUDUSD already broke through that range, and right now its being rejected from the ST resistance level (0.8993). So if that level gets confirmed, and it breaks the previous low, I’ll definitely go short.
Here are the details of my pending order:
Sell stop entry: 0.8918
I know, I know, the SL is too wide, but you can just lower the trading size to make it fit your risk profile… alright?
What do you think about the AUDUSD? Do you agree that it is trading in a bearish condition?
Are you currently looking for short opportunities in the AUDUSD?
What other currency pairs are you trading/monitoring?
Share your thoughts