AUDUSD Short Idea: EURJPY Long Again
Fri 10th November 2023 : Daily Forex Strength Analysis
Today we’re looking at Trading Setups in:
- AUDUSD (Primary Focus Pair)
- EURAUD (Covered In Video)
- EURJPY (Covered In Video)
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Our Interest (pending order)/Open Interest (live position)
| AUDUSD (Short) | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Alert Set | 0.6400 | ||
| Entry Price | If Alert Is Triggered Place A Sell Stop Order Circa 0.6390. | ||
| Stop Loss (Min) | 0.6430 | -40 Pips | |
| Stop Loss (Max) | |||
| Profit 1 | 0.6310 | +80 Pips | 1 : 2 |
| Profit 2 |
USD has risen to the top of the day traders tables as the strongest currency (S1).
AUD now has confluence as a weak currency being W1 on the day traders table.
AUDUSD could be the pair to watch for short opportunities.
Price rejected the D1 resistance of 0.6500.
Since then the price has traded lower, with a break below the H1 50MA.
H1 chart shows price making new lows and lower highs.
Most recently the price traded through the minor supporting H1 lows of 0.6395.
These H1 lows could act as resistance for short trading opportunities.
Resistance on the H1 time frame holds confluence with a trend line resistance which was formed from the highs of 3rd November.
H1 50 moving average is also forming around this area of resistance adding further confluence.
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Primary Focus Pair Chart:
Technical Observations:
- AUD is W1 and USD is S1 on the day traders table.
- Price is in a downward trend on the H1 time frame.
- If price can stay below the H1 50MA it could remain bearish.
09:00 GMT/BST Forex Strength Vs Weakness Tables:
