AUDUSD Trade Plan (08 Jan> 17)

With the second week of trading ahead of us, we might see dollar strength coming back into the market. After loosing gains on all major currency pairs, my bias still remains bullish on dollar as the Feds are expected to raise rates three times this year. Price opened at 0.7195 on the first week of trading and price continued its rise since it double bottomed on the last week of December

Zones

Pink: Resistance
Green: Support
Yellow: 38.2 to 60.8 fib levels

Price found resistance at MS1, which is MM2 in January's pivot points. Now I am hoping to see resistance at our previous support., which will indicate a role reversal at MM3

The pair fell a whole 350 pips in two weeks after the announcement that Trump is to be president of the USA. Price started going up on the 18th of december and its been on a rise ever since. Price seems to have found resistance at the fib zone and we are more likely to see dollar strength coming back to the market this week

A double top seems to have formed at DM3. Price is currently at support at DS1. My entry will be confirmed if the pair finds resistance at DPP (friday 6th pivot points). Besides it being risky to pull the trigger on the top of the reversal pattern. NFP also came out on friday, which proved better to stay out of the trade. Now I'm expecting Asia to push the price up so it'll be a sell during London

Leave a Reply