+200 Pips In Open Positions: AUDUSD Stands Out
Tues 15th August 2023 : Daily Forex Price Action
Today we’re looking at Trading Setups in:
- AUDUSD (Primary Focus Pair)
- EURJPY (Covered In Video)
- AUDCHF (Covered In Video)
Our Interest (pending order)/Open Interest (live position)
Risk warning: Trading carries a high degree of risk. Read more here.
The markets have continued in our favour this week; we currently sit in +200 pips profit combined across the pairs we’ve discussed in our market commentary.
GBPJPY, EURJPY and AUDCHF all in profit currently, but where are the tables pointing to now?
AUDUSD stands out to us, mainly due to the potential for price to reach a key support point that has not been tested for a long time.
Price is currently breaking down through major 0.6500 support, and this could see price trade down to 0.6300 or even 0.6150.
Either of these levels suggest price could move a further +200 pips lower.
Currently AUDUSD is consolidating below the 0.6500 level.
Our live forex strength vs weakness tables suggest the market will continue lower.
Traders could wait for one or two options here.
First, wait for price to pull back to the highs of the consolidation, and look for false breakouts to identify further selling opportunities.
In this case we would wait for price to retest 0.6500 and then look to use a sell stop position to enter with the market.
The second option would be to wait for price to trade through lows and then to look for a lower high.
