AUDUSD: Strong Support and How to Trade
The price moved back to 0.66700 support one more time.
In this zone, the market will be able to provide us new trade opportunities. If the hourly timeframes give us a trend reversal signals, it will be possible to buy with stop orders below the support and the local swing low. If the price breaks the support zone, it will be possible to sell with stop orders above the support.
I want to focus more on buy opportunities as the market is at the strong support zone, and we have the space for the upward movement. You can see how the price bounced from this zone in the past. Why not to do the same again?
If you want to sell following FA, I should say the breakout won't give a good entry point. I would like to sell based on a reversal from 0.67500 or SMAs.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
In this zone, the market will be able to provide us new trade opportunities. If the hourly timeframes give us a trend reversal signals, it will be possible to buy with stop orders below the support and the local swing low. If the price breaks the support zone, it will be possible to sell with stop orders above the support.
I want to focus more on buy opportunities as the market is at the strong support zone, and we have the space for the upward movement. You can see how the price bounced from this zone in the past. Why not to do the same again?
If you want to sell following FA, I should say the breakout won't give a good entry point. I would like to sell based on a reversal from 0.67500 or SMAs.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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