AUDUSD Trading Analysis

by: Colibri Trader

 

Dear traders,

The trading analysis from last time is performing as expected. DAX is trading just below the minor support (turned into resistance) area at 13,350. I have placed a small short trade and so far it looks fine by all measures.

I will possibly be looking to add more in the coming sessions. So far, we have a bearish engulfing candlestick on the daily timeframe.

 

AUDUSD Trading Analysis

 

Today, I am looking at the AUDUSD currency pair. There seems to be an inside day that formed on the daily chart. On top of that, there is a major resistance area just around 0.8100.

One thing to be cautious about is the major up trend. It is usually not a very wise thing to trade against the trend, which could be the case here.

That is why, I would be extremely cautious with this one. I will be looking for a confirmation from the 4 hour chart. I will also be anticipating a potential second test of the major resistance level.

All in all, this could be the beginning of a reversal or a small retracement that will lead to a continuation of the uptrend.

I will be looking for a 4H confirmation as I already said. Until then- be patient!

 

Happy Trading,

Colibri Trader

 

p.s.

Check out my recent article on Price Action HERE

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