AUDUSD Trading Analysis
AUDUSD Trading Analysis
Dear traders,
I have been watching the trading arena with a lot of interest this week.
I have shared with you my thoughts quite a bit on Twitter this week and I was expecting to see a couple of trades.
Fortunately, I did manage to take a position in both. The first trade was in USDJPY and here you can see a link to when I posted it on my Twitter page.
I shared my thoughts with you on the 28th of June, when there was a bullish engulfing pattern on the 4H chart as you can see from the screenshot from Twitter below:
The second analysis was again posted the same day on my Twitter page. I was talking about the USDCAD and a double rejection on the daily and 4H timeframes.
Since I shared it with you, the price has fallen a lot and is reaching for the next support level.
AUDUSD Trading Analysis
Today, I am looking at the AUDUSD. There is a bullish engulfing pattern on a major support level.
You need to be careful with this one, since the major trend is bearish.
Even with this in mind, I still believe that price action is much more bullish than bearish.
I will check how price will act tomorrow and possibly take a small long position.
Happy Sunday,
Colibri Trader
Hi Colibri,
As the trend is established down, to me it would make sense to wait for a confirmation from a weekly chart.
It seems weekly turning points marked by inside bars and some consolidation are tell tale signs of past turning points, lately there have been 2 weeks of bearish rejection but not enough of a concrete thing for that special entry.
Regards
Hi Dan,
You r reasoning is certainly good. I am more looking at the daily and 4H charts. Price action is bullish to me, but not necessary meaning a reversal of the major trend. Maybe this will lead to just a small correction, as we have already started seeing, but not a major turning point. Anyways, we will see what will happen in the days/weeks to come:)