AUDUSD upcoming breakout ahead of 250 Pips!

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I am using FxPro chart your broker could have little different price.

 

Very high volatility impact in commodity currencies are getting normal after an unexpected US election result. Even during election period AUDUSD was strongest currency though commodity and Gold price was falling heavily!

Stage 1:
AUDUSD attempted bullish fakeout twice in last 4 weeks! And now falling from ‘Major Resistant’ .77095 by a Bearish Engulfing candle. AUDUSD reached almost first Major Support target at .75036. My running short target is in the round number .7510 from .7730

Stage 2:
AUDUSD must have to break the Major Support .75036 and by breaking this level, AUDUSD will also breakout the 11 months Higher Low trendline. This would be very significant for technical chart. It will open door to next previous Major Resistant at .7242 which will act as support now. That is almost 61.8% retracement of Fibbo.

But however I will close 1/5 of my positions at .7385 because .73845 is a previous minor/hidden resistant (future support). It means Market will go slower at that level. Best way is, take first half of your entries and then retake some position if spike higher from that level. My Full target would be at round number .7250

Price Action: Reaction & Trendline breakout
First Target: .7385
Full Target: .7250
Pips: Around 250+ pips

 

In Weekly:
Two bearish ‘Pin Bar’ then ‘Insidebar’ breakout with significant bearish engulfing from the resistant. Which indicates much lower AUD in coming weeks!

 

 

audusd

 

 

  1. […] be out before next support .7242 which served as previous ‘Major Resistant’. Check more details here […]

  2. […] be out before next support .7242 which served as previous ‘Major Resistant’. Check more details here […]

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