AUDUSD Trading Analysis
AUDUSD Trading Analysis
Dear traders,
I shared with you mu thoughts about USDJPY last night. It seems like the pair did went up immediately after I published my article.
The inside bar that formed on the daily chart did really act as a powerful catalyst for this pair. Now, with price getting close to the resistance area, it is time to be more cautious.
I am looking for a potential bullish rejection at the 105.00- 105.50 area. Obviously, we need to see a pattern before we act on it.
Successful trading is about reading the market and not trying to anticipate what it will do next.
Having said that, my attention is turning to the AUDUSD.
AUDUSD Trading Analysis
For the ones amongst you that follow my on Twitter, I shared my findings today as they were developing. Check out a screenshot from my Twitter page below:
There was a pinbar on the 4H chart and as I expected, it was followed by a pinbar that formed on the daily chart.
This occurred just below a major support level as indicated on the chart. The scenario really reminds me of a bearish trap, so I am extra careful about it.
If you have not read my article on bullish and bearish traps, you can check it out HERE.
I will be following closely and decide if I am going to go long. Bear in mind that price might not be able to break above the 0.7500 area and stay there for long.
Therefore, this might be a bearish trap or it might be just AUDUSD taking a break from the recent sell-off.
Happy Trading,
Colibri Trader
p.s.
If you are not sure how to read candlestick charts, read this article on CANDLESTICKS or Get The Free Candlesticks Manual