AUD/USD - Weekly
Our expectations - From the end of 2015 the price is in the ascending and sloping trend, which according to the technical analysis is considered healthy. I expect this trend to be maintained despite the double-up Double Top, which is still inactive. What do we have in support of the long ones? The price is in a strong support zone formed by a basic diagonal and horizontal, backed by the key Fibonacci level - 50.0%. Indicators - Sequential counts 13 of 13 possible below, signaling, end of corrective movement. DeMarker 14 comes out of the over-sales area and is curved upward - a positive for the price, a signal for a possible new upward wave. 50 and 200SMA are beaded, also positive for the price.
Price Action: In the support area, pricing behavior clearly shows that bulls tend to be aggressive, not only today but also in the last 5 weeks. We have several bullshit pins with long lower shadows that we have to comply with when positioning the Stop Loss Order.
SL: 0.73727
Alternative Scenario: If the price moves below the support zone, moods will sharply turn to negative, as a breakthrough will mean activating Double Top and, at the same time, the long-term trend starting from 2011 flagship formation.
Read more:
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.