AUD currently in a turning area with good bullish structure
So, if you haven't seen my recent analysis of AUDCAD, here a quick recap about the strength of the AUD pairs:
ML: EURAUD
short: AUDCAD
long: AUDCHF, AUDJPY, AUDNZD, AUDUSD, GBPAUD
We're looking to buy the AUD pairs.
We go, again, from top to bottom. Let's start with the weekly.
In 2020 AUDCHF reached an ATL, but then rallied up impulsively again. What is of interest is that after the long downtrend starting in mid 2012 there hasn't been any significant corrections yet. So what the market is doing after it reached the ATL is just fine for us. Let's have a closer look.
The 2h timeframe shows a finished sequence.
Impulsive A, impulsive B and somewhat impulsive C with a tendency of correctiveness. After reaching the target levels, not much happened except for consolidation of the price level. This has been going on for about 2 months now. Our primary goal would be to go long at the whole correction level. Since this is still far away, let's dig deeper.
1h timeframe:
Bear in mind, we are long-oriented. The green sequence is an assistance tool to introduce a correction. Impulsive A, impulsive B and impulsive C, a very fragile construct that didn't reach its target levels.
Going from there it started to correct the downward movement by creating a new sequence. Impulsive A, impulsive B and an impulsive attempt to create C, which failed at first. But we could assume that it would fail because of its fragility. So from there the bears and the bulls started fighting. There are some indicators that show us the strength of the bulls:
1) the overall picture of the AUD pairs
2) the bearish sequence isn't finished
3) a lot of bullish structure and not too many bearish structures in the 30m timeframe
Since we're currently in a turning area, along with the indicators to buy, there is a good probability that this trade would succeed. Also, we have an emerging of a sequence in said turning area - impulsive A, quite a corrective B and a corrective attempt to create C. The target levels lie within the correction levels of the downward movement, so this is our TP. I'm not quite convinced that the sequence will be finished, because the bulls seem to struggle a bit. Let's see.
Hope you enjoyed it, until next time!
***
This is no financial advice and should not be treated as such. It only represents my ideas by applying the system I learnt from Stefan Kassing.
ML: EURAUD
short: AUDCAD
long: AUDCHF, AUDJPY, AUDNZD, AUDUSD, GBPAUD
We're looking to buy the AUD pairs.
We go, again, from top to bottom. Let's start with the weekly.
In 2020 AUDCHF reached an ATL, but then rallied up impulsively again. What is of interest is that after the long downtrend starting in mid 2012 there hasn't been any significant corrections yet. So what the market is doing after it reached the ATL is just fine for us. Let's have a closer look.
The 2h timeframe shows a finished sequence.
Impulsive A, impulsive B and somewhat impulsive C with a tendency of correctiveness. After reaching the target levels, not much happened except for consolidation of the price level. This has been going on for about 2 months now. Our primary goal would be to go long at the whole correction level. Since this is still far away, let's dig deeper.
1h timeframe:
Bear in mind, we are long-oriented. The green sequence is an assistance tool to introduce a correction. Impulsive A, impulsive B and impulsive C, a very fragile construct that didn't reach its target levels.
Going from there it started to correct the downward movement by creating a new sequence. Impulsive A, impulsive B and an impulsive attempt to create C, which failed at first. But we could assume that it would fail because of its fragility. So from there the bears and the bulls started fighting. There are some indicators that show us the strength of the bulls:
1) the overall picture of the AUD pairs
2) the bearish sequence isn't finished
3) a lot of bullish structure and not too many bearish structures in the 30m timeframe
Since we're currently in a turning area, along with the indicators to buy, there is a good probability that this trade would succeed. Also, we have an emerging of a sequence in said turning area - impulsive A, quite a corrective B and a corrective attempt to create C. The target levels lie within the correction levels of the downward movement, so this is our TP. I'm not quite convinced that the sequence will be finished, because the bulls seem to struggle a bit. Let's see.
Hope you enjoyed it, until next time!
***
This is no financial advice and should not be treated as such. It only represents my ideas by applying the system I learnt from Stefan Kassing.
Сделка закрыта вручную:
Closed because it's night here. 42 Pips profit.
