Trade77; AUDUSD Four Hour Channel 7pm


Hello Traders, I’m Mani and I’m the writer of Trade 77 section, please follow me on twitter for further updates.

Aussie nicely rejected from the upper bond a channel with nice two doji patterns and now struggling to break 20sma. Next support resides around the beneath bond of this channel which is 0.9900 according to my numbers.

Bias is still bullish and it would be good to go long at the beneath bond of the channel but I expect break of this channel will be start of a bearish trend and we could see 0.9800 and then 0.9500 again.
I want to mention that price is still above the weekly 20sma and it could bounce off that support barrier as well. Meanwhile weekly trendline remained intact and I think convergence of this trendline and 20sma has made a great support zone there. So long term trend is still bullish but a breakout might be occured soon.

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Regards

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  • Anonymous

    Daryl, I’m really happy by hearing that from you, Thank you very much and I appreciate your opinion.