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AUDUSD Trading Analysis

Posted on Jan 29th, 2018

by colibritrader

AUDUSD Trading Analysis

by: Colibri Trader

Dear traders,

The trading analysis from last time is performing as expected. DAX is trading just below the minor support (turned into resistance) area at 13,350. I have placed a small short trade and so far it looks fine by all measures.

I will possibly be looking to add more in the coming sessions. So far, we have a bearish engulfing candlestick on the daily timeframe.

AUDUSD Trading Analysis

Today, I am looking at the AUDUSD currency pair. There seems to be an inside day that formed on the daily chart. On top of that, there is a major resistance area just around 0.8100.

One thing to be cautious about is the major up trend. It is usually not a very wise thing to trade against the trend, which could be the case here.

That is why, I would be extremely cautious with this one. I will be looking for a confirmation from the 4 hour chart. I will also be anticipating a potential second test of the major resistance level.

All in all, this could be the beginning of a reversal or a small retracement that will lead to a continuation of the uptrend.

I will be looking for a 4H confirmation as I already said. Until then- be patient!

Happy Trading,

Colibri Trader

p.s.

Check out my recent article on Price Action HERE

2 thoughts on “AUDUSD Trading Analysis”

Dan says:

April 1, 2018 at 10:42 pm

Colibri,
Astute analysis at the time, well spotted.
All the right reasons to make that call and to write up this article.

I’ve always enjoyed your articles, your the real deal.

Regards

Reply
1. colibritrader says:
  
  April 6, 2018 at 10:49 am
  
  Haha- thanks for the nice words!
  I hope they are helpful 🙂
  
  Reply

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