Trend Analysis
The main view of this trade idea is on the 2-Hour. The fx cross AUDUSD has been trading in a rangebound movement since around the 20th July. The bottom of the rectangle is at the 0.72876 area while the top of the rectangle is observed around 0.74. The top and bottom of this chart pattern (rectangle) serves as support and resistance. Expectations are for a breakout in AUDUSD.
Technical Indicators
To support this potential breakout in AUDUSD, is the fact that at the time of publishing the fx cross is trading above its short (25-SMA), medium (75-SMA) and fractal moving averages. Also there has been a positive crossover on the KST as well as the RSI is above 50 and approaching overbought levels.
Recommendation
The recommendation will be to go long at market. AUDUSD’s target price is 0.7515, with a stop loss at around 0.72876. This produces a risk reward ratio of 1.31.
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time publishing, I have a position in AUDUSD.
The main view of this trade idea is on the 2-Hour. The fx cross AUDUSD has been trading in a rangebound movement since around the 20th July. The bottom of the rectangle is at the 0.72876 area while the top of the rectangle is observed around 0.74. The top and bottom of this chart pattern (rectangle) serves as support and resistance. Expectations are for a breakout in AUDUSD.
Technical Indicators
To support this potential breakout in AUDUSD, is the fact that at the time of publishing the fx cross is trading above its short (25-SMA), medium (75-SMA) and fractal moving averages. Also there has been a positive crossover on the KST as well as the RSI is above 50 and approaching overbought levels.
Recommendation
The recommendation will be to go long at market. AUDUSD’s target price is 0.7515, with a stop loss at around 0.72876. This produces a risk reward ratio of 1.31.
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time publishing, I have a position in AUDUSD.
Trade closed: stop reached
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.