AUDUSD IN A PRICE CONSOLIDATION WITH AN EXPECTED BULLISH OUTLOOK
This pair has a bullish outlook in the long run but currently working with a resistance @.81 and a support line @.77
The idea towards trading this pair is to watch what it does with it's support line @.77 if it breaks it going down then we might see the lows we were working with last year of .69 but chances of that happening in my opinion are zero to none.
With that said my outlook is this pair is bullish both long term and short term with some corrections along the way as well as lack of volumes to push it upwards at some practical points like the point it is at right now.
However in the event that it breaks the resistance @.81 then expect some amazing long term bullish set ups.
I would say In the meantime you can short it at the price consolidation @ those identified support and resistance lines.
Myself I will wait for the price to it the consolidation baseline or the support line if you like before going long and taking some profits.
Remember manage your risk well. Always enter the market in a way that even if things go wrong, you won't be hurt in the long run not unless there is extra ordinary craziness going on.
One of the ways to trick the market is to understand that everything in your trading account matters in relation to how the market will treat you. Your margin level, your expectations and your capability to meet your expectations.
Take steps that the market understands it can't threaten you in a normal situation. What am saying is do not use lots that put your margin levels in threat, do not have profit expectations that are beyond your leverage capacity.
The market always responds in kind.
Your actions could be your undoing as opposed to your decisions.
Avoid taking actions that threaten your very existence.
The idea towards trading this pair is to watch what it does with it's support line @.77 if it breaks it going down then we might see the lows we were working with last year of .69 but chances of that happening in my opinion are zero to none.
With that said my outlook is this pair is bullish both long term and short term with some corrections along the way as well as lack of volumes to push it upwards at some practical points like the point it is at right now.
However in the event that it breaks the resistance @.81 then expect some amazing long term bullish set ups.
I would say In the meantime you can short it at the price consolidation @ those identified support and resistance lines.
Myself I will wait for the price to it the consolidation baseline or the support line if you like before going long and taking some profits.
Remember manage your risk well. Always enter the market in a way that even if things go wrong, you won't be hurt in the long run not unless there is extra ordinary craziness going on.
One of the ways to trick the market is to understand that everything in your trading account matters in relation to how the market will treat you. Your margin level, your expectations and your capability to meet your expectations.
Take steps that the market understands it can't threaten you in a normal situation. What am saying is do not use lots that put your margin levels in threat, do not have profit expectations that are beyond your leverage capacity.
The market always responds in kind.
Your actions could be your undoing as opposed to your decisions.
Avoid taking actions that threaten your very existence.