A great opportunity to buy in AUDUSD

27. Okt. 2018

Midterm forecast:
0.7160 is a major resistance, while this level is not broken, the Midterm wave will be downtrend.

Technical analysis:
While the RSI resistance #1 at 55 is not broken, the probability of price increase would be too low.
A peak is formed in daily chart at 0.7160 on 10/17/2018, so more losses minimum to Buy Zone (0.7085 to 0.7020) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 43.

Trading suggestion:
There is possibility of temporary retracement to suggested Buy Zone (0.7085 to 0.7020). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

While the price is below the level 0.7105, the probability of beginning of uptrend is too weak, so we would enter the market with buy trades based on Daily-Trading-Opportunities and a day close price above 0.7105 and expect to reach short-term targets.

Beginning of entry zone (0.7085)
Ending of entry zone (0.7020)

Entry signal:
Signal to enter the market occurs when the price comes to "Buy zone" then forms one of the reversal patterns, whether "Bullish Engulfing", "Hammer" or "Valley" in other words, NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone. To learn more about "Entry signal" and the special version of our "Price Action" strategy FOLLOW our lessons:

Take Profits:
TP1 : @0.7160
TP2 : @0.7230
TP3 : @0.7320
TP4 : @0.7445
TP5 : @0.7575
TP6 : @0.7655
TP7 : @0.7805
TP8 : @0.8135
TP9 : Free