The AUD/USD pair is back! It moved over 100pips overnight and because there is a S/R level around 0.6930, this S/R level acts as a hurdle for the price to move higher.

Hello traders!

First I want to tell you that I cannot make a video for this trading opportunity because I am away and I cannot upload the video. But it’s okay. Today I am going to show you another trading opportunity for the AUD/USD pair. Before we continue, I want to tell you guys that from now on, I DO NOT trade any pair except the AUD/USD pair. I have decided to trade only this pair because I want to focus only on one pair. It just makes it easier to trade and focus on one pair only.

Let’s get started then. The AUD/USD pair is back! It moved over 100pips overnight and because there is a S/R level around 0.6930, this S/R level acts as a hurdle for the price to move higher. I do not think the price could break higher. Let’s take a look:

audusd

The price managed to move higher and reached 0.6958 but it stopped there. We can see there is a Spinning Top candlestick pattern followed by a bearish candlestick. This could be a reversal signal. I am expecting for the price to go back down.

AUDUSD

On the M15 chart, there is bearish divergence too; it gives us another signal to go SHORT. Of course we need to wait for a trend line break as our confirmation.

Here is the summary of my trade:
Position : SELL ONLY IF THE PRICE BREAKS THE TREND LINE
SL & PT : above resistance around 0.6960 and around support 0.6950

*Just make sure the price breaks the trend line first before you enter the trade. Do NOT HURRY! Just be patient. Be careful of a false break too. If the price moves up and breaks the resistance level around 0.6960, then the setup fails.

Happy trading!
RICO FY

 

UPDATE ON 12:27 (GMT+7): I have entered the trade and the price has moved around 25 pips from my entry point. I moved my SL to breakeven level so this trade is now risk free.