Some strong looking levels offer a potenially good trade
Just checking the charts on AUDUSD and I like the look of support down here around 0.7140. The 40 level speaks for itself but we also have a long-term trend line in the mix too.
AUDUSD H4 chart
That trendline comes from Oct 2008 through the 2015 low.
AUDUSD weekly chart
I’ve gone long a small portion at 50, looking to add a bit more closer to the trend line, and that’s all kept nice and tight with a stop under 0.7130. I’ll look initially to offload some into 0.7200, should it happen.
Some good long-term tech matched with a decent looking support point. It looks good on paper but the fact that the risk can be kept to some 25/30 pips is what is most attractive about this trade.
Psychedelic chartist extraordinaire. Have your shades ready.
Philosophy: “Don’t be a Dick for a tick”
Read how Ryan got into trading here
Philosophy: “Don’t be a Dick for a tick”
Read how Ryan got into trading here
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