AUD/USD Clean Price Action Off Daily Resistance

LeoFinance
2 months ago
1 Min Read
297 Words

Direct from the desk of Dane Williams.



Hey team,

Casting our minds back a few weeks now to my look at the daily forex support and resistance zones in the majors, it was the Aussie which looked like producing the cleanest setup.

Sitting right at daily resistance, price had just tapped the zone for a second time, wicking into it without making a higher high.

In case you missed it, I've extracted the chart and my thoughts at the time from the linked blog below:

AUD/USD Daily (Previous):
AUD/USD Daily

  • Also right up against daily resistance.
  • This one looks cleaner, with a little more fresh air between zones.
  • Definitely another one for a possible entry this week.

Now take a look at the price has unfolded since then, starting with the Aussie daily below:

AUD/USD Daily:
Screen Shot 20210128 at 11.37.38 pm.png

Depending on which Hive front-end you're viewing the chart on (PeakD seems to have clickable images while LeoFinance doesn't?), I want you to squint and take a look at the third wick into daily resistance.

That third wick, is the right hand arrow on the following Aussie hourly chart:

AUD/USD Hourly:
Screen Shot 20210128 at 11.40.13 pm.png

Following my simple forex support and resistance trading strategy, this was an intraday retest of short term support turned resistance marked at the left hand arrow.

From there it's been all the bears, with today's drop really accelerating as we head into the New York session right now.

With still quite a bit to go before our next daily support/resistance zone...

Best of probabilities to you,

Dane.



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