AUDUSD Technical Analysis July 17/2019
AUDUSD : A possible bearish pattern is clearly visible on the 15 minute chart. The blue bearish pattern still needs to make a small push higher to complete point D at the BC 0.50% Fib. retracement level where sellers will be possibly waiting to push the AUDUSD pair lower towards the 0.70 handle and below. At the moment traders need to wait for price to reach the SELL ZONE (green box) where AUDUSD can possibly reverse lower from. If price extends lower below the AB 2.24% Fib. level before reaching the point D minimum SELL entry level then the trade is invalid and cancelled. The BC 0.50% Fib. level together with previous support structure, which will now offer as possible price resistance, will be a strong area where the pair can and should reverse from. If looking to trade AUDUSD traders should be patient and wait for price to make a move higher towards the minimum BC 0.50% Fib. retracement level. Waiting for price to hit the BC 0.50% Fib. retracement minimum will offer a better risk/reward trade setup. Blue bearish pattern is invalidated if price moves above point B of the pattern and Stop Loss should be placed at this level. Watch for the 0.70 area for a 1:1.5 RR Target.
AUDUSD 15 Minute Chart 7.17.2019
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX or chat me on Skype > EWF Aidan Chan
*** Always use proper risk/money management according to your account size ***
At Elliottwave-Forecast we cover 78 instruments (Forex, Commodities, Indices, Stocks and ETFs) in 4 different timeframes and we offer 5 Live Session Webinars everyday. We do Daily Technical Videos, Elliott Wave Trade Setup Videos and we have a 24 Chat Room. Our clients are always in the loop for the next market move.
Try Elliottwave-Forecast for 14 days FREE !!! Just click here –> 14 day FREE trialBack