Hi Traders,
I am taking a Long term approach on AUD/USD, Price is currently rejecting a strong psychological resistance where we could see price pulling back. If this happens I will be locked and ready to lookout for a buy opportunity.
My entry is around 0.68470 where we have a clear support and an inverse head and shoulders pattern. I need to see price tap into this zone and reject as well before looking to buy. If it does break the low I will no longer be interested in buys.
My Target 0.7260 is where I will be exiting the trades. We have a minor resistance coming up as well at around 0.70500 that I will be watching closely.
Let’s see how the market plays out. For now lets enjoy the weekend,
Renaldo Philander
I am taking a Long term approach on AUD/USD, Price is currently rejecting a strong psychological resistance where we could see price pulling back. If this happens I will be locked and ready to lookout for a buy opportunity.
My entry is around 0.68470 where we have a clear support and an inverse head and shoulders pattern. I need to see price tap into this zone and reject as well before looking to buy. If it does break the low I will no longer be interested in buys.
My Target 0.7260 is where I will be exiting the trades. We have a minor resistance coming up as well at around 0.70500 that I will be watching closely.
Let’s see how the market plays out. For now lets enjoy the weekend,
Renaldo Philander