Technical Analysis

AUDUSD Forecast Follow Up And Update

Hi Traders! AUDUSD forecast follow up and update is here. On August 11th I shared this AUDUSD Forecast And Technical Analysis post in my blog. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available!

Missed this trade?

Never miss a trade opportunity again! Join the Traders Academy Club

Now let’s summarize the idea first:

My Idea:

On the H1 chart, we had a false break followed by bearish convergence. Generally, after a bearish convergence, we may expect pullbacks and then further continuation lower. Currently, it looks like the pullback that we are looking for is happening. Once this pullback completes itself, we may then expect the price to continue lower further.

AUDUSD H1(1 Hour) Chart Current Scenario

On the H1 chart after the bearish convergence the pullback that we were looking for happened in the form of an ABCD pattern. In this ABCD pattern after the “D” point, we had a bearish engulfing candle pattern and then we had the most recent uptrend line breakout of the ABCD pattern shown in the screenshot below. We may consider these as facts provided by the market supporting the bearish view. The price then moved lower as I expected and delivered around 80 pips move so far.

(Note: You can learn about a Killer Forex Strategy “Double Trend Line Principle” here)

So traders as you can see in the screenshots above how the market provided us hints with all the facts which acted as evidences of bearish pressure such as bearish engulfing candle pattern and the most recent uptrend line breakout after the ABCD correction. And then the price moved lower as I expected it to. This is why when it comes to trading it is a key factor to always take action according to the hints and facts that the market provides us.

For similar trade ideas and much more join the Traders Academy Club and get access to our complete watch list and trade report. 

This is how the report looks like. A table with the hottest market opportunities, screenshot behind every pair and time frame (anything that is in blue inside the table is clickable and leads to a screenshot) + a summary in text format, kind of highlights. And of course Live Market Analysis every single day.

 

If you have any further questions, don’t hesitate to drop a comment below!

 

Happy Trading!

Yordan Kuzmanov
Chief Trader at the Traders Academy Club

 

Advertisement

Click To Join Our Community Telegram Group

Yordan Kuzmanov

Recent Posts

Weekly Summary And Review 22nd November 2024

Hi Traders! Arvinth here from the Home Trader Club team. The weekly summary and, review of November…

3 days ago

Futures Subdued As Nvidia’s Forecast Disappoints, Geopolitical Tensions Mount

U.S. stock index futures were subdued on Thursday, as AI-heavyweight Nvidia's revenue forecast failed to…

4 days ago

Litecoin Short Term Forecast And Technical Analysis

Hi Traders! Litecoin short term forecast and technical analysis is here. We do our analysis…

4 days ago

NASDAQ Short Term Forecast Follow Up And Update

Hi Traders! NASDAQ short term forecast follow up and update is here. On September 4th…

5 days ago

EURCAD Technical Analysis And Short Term Forecast

Hi Traders! EURCAD technical analysis and short term forecast is here. We do our analysis…

5 days ago

GBPNZD Short Term Forecast Update And Follow Up

Hi Traders! GBPNZD short term forecast update and follow up is here. On Sep 3rd,…

6 days ago