AUDUSD Bounce Coming Up

Those who waiting for a bounce in AUDUSD, wait might finally be over. 

A big support area is coming up at 0.9575/85 - just 50 pips away from current price. On last Thursday, price bounced from .09590/95 area.

I went long at current price 0.9630 and will buy on dips towards 0.9575.

AUDUSD Daily

GOLD Big Support Coming

GOLD Daily

The area around 1320 which held during last fall, should be big support now. Looking back on daily charts, I found that this level gave a good bounce previously. 

Although fundamentals has changed but there might be options related buying around that level. 

I plan to go long on touch of that level and will keep on building position till 1300 level. 

USDCAD Long Trade

USDCAD H4

Recent USD strength should continue - thats what some analysts are predicting. In a time when Gold is losing its shine, USD should be the favourable currency. 

Coming to USDCAD, I see a long trade opportunity coming up after break of daily trendline. Looks like price will pullback towards the trendline and then will bounce from there. And thats where I plan to go long as well. 

AUDUSD Bounce a Short Opportunity

AUDUSD Daily

The recent decline in AUD is mainly caused by the fundamentals. And many analysts are predicting AUD to fall to 0.9/85 before any stability. And after falling to that level, it will consolidate till some fundamental improves. 

Mixing the above view along with technicals, there comes a short opportunity. After the big daily triangle break, price is bouncing a bit. Bounce towards the lower trendline present a short trade opportunity. 

I plan to enter short on touch of the tendline with a stop on break and daily close above lower trendline.

USDCAD Channel Trade

USDCAD H4

Recent spike in USDCAD is controlled within the long standing descending channel. 

Plan is to short on touch of channel's upper trendline. 

GBPUSD Channel Break Trade

GBPUSD H4

Recently pair has broken long standing channel but is held by a strong support just below the channel.

A break of this support area could mean more losses. 

Plan is to short the pair on any spikes towards the channel's lower trendline which comes a resistance as well. 

Another case might be that price just goes down breaking support. I plan to go short on break and daily close below support level.

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UPDATE: Pair went straight down breaking the support. Going short on break of support gave me a 50pips profit trade.

EURUSD Channel Consolidation

EURUSD H4

Lately pair is moving in ascending channel. 100 & 200EMA are almost flat - indicating consolidation. 

Looks like the pair is in range based trading. It is not able to break resistance of 1.3140/45 area after several attempts. 

Plan is to enter short near the resistance area of 1.3140/45.