EURUSD Profit Taken : AUDUSD Trade Idea
Wed 6th September 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- AUDUSD (Primary Focus Pair)
- EURUSD (Covered In Video)
- NZDUSD (Covered In Video)
Our Interest (pending order)/Open Interest (live position)
| AUDUSD (Sell Stop) | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Entry Price | 0.6379 | ||
| Stop Loss (Min) | 0.6429 | -50 Pips | |
| Stop Loss (Max) | |||
| Profit 1 | 0.6309 | +70 Pips | 1 : 1.4 |
| Profit 2 | 0.6279 | +100 Pips | 1 : 2 |
Risk warning: Trading carries a high degree of risk. Read more here.
We have taken profits on our EURUSD trade, details can be found in today’s video.
Our attention now turns to AUDUSD as yesterday we discussed the potential for AUDUSD to trade lower.
Today we have been presented with a trading idea after our confluences have been tested.
First our live propriety strength vs weakness tables show us that AUD is W1 and USD is S1; this could see AUDUSD momentum continue lower.
Price has rejected the 0.6400 resistance on our hourly (H1) time frame.
The 50 moving average and 200 moving average on the H1 time frame are crossed bearish, with the 50 (red line) below the 200 (white line).
Also our stochastic oscillator on the Hourly (H1) time frame turned bearish after dropping below the 80 line.
All these confluences add up to a short trading idea, this could see prices continue lower.
The target for this trade is the low found on the daily (D1) time frame of 3rd November 2022 at 0.6275.
An earlier target could be the psychological level of 0.6300.
Technical Observations:
- AUD is W1 and USD is S1 on the day traders table.
- Price rejected 0.6400 resistance on Hourly (H1) timeframe.
- Averages are bearish on the H1 Time frame with 50 (red line) below 200 (white line).
Todays 9am (BST) Forex Strength Vs Weakness Tables:
