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AUDUSD Trading Analysis

Posted on May 31st, 2018

by colibritrader

AUDUSD Trading Analysis

Dear traders,

The trading analysis from last time did not work exactly as planned, but USDCAD still managed to go up to 1.3000. I still believe in the bullish potential of this pair.

The next resistance level is located at around 1.3125. I am looking at the weekly chart and it looks bullish, too. Currently I am looking over another currency pair.

AUDUSD Trading Analysis

I have been following AUDUSD for some time now. I had a small long trade and then exited because price was giving mixed signals.

Currently, the price action looks more bullish than bearish. The daily chart printed a bullish engulfing pattern yesterday. The weekly chart printed a small pinbar, an inside bar and also a bearish rejection candlestick.

The major support level at 0.7500 is acting as a strong belt holding the price above.

If price continues to hold stable above this level I might consider taking a long position.

For now I will be more careful since there is a minor resistance area at 0.7600. If price comes down a bit and sends another confirming bullish signal, I might consider entering in a trade.

During moments of less trading setups, you should not forget to stay disciplined. Remember that period with less trading activity are followed by periods that provide more trading opportunities.

Never rush into a trade and always stay disciplined.

Check out my latest article on Trading Discipline HERE

Happy Trading,

Colibri Trader

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