AUDUSD Forecast Update And Follow Up

Hi Traders! AUDUSD forecast follow up and update is here. On February 10th I shared this “AUDUSD Buy Idea After Bullish Trend Pattern” post in Trading View. 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!

My Idea

 

AUDUSD H1(1 Hour) Chart Current Scenario

Based on the above-mentioned analysis, my view was bullish here and I was expecting the price to move higher further until the strong support zone holds. After the bullish trend pattern, we had a pullback but the price was holding above the strong support zone. The price then moved higher further as I expected delivering 220+ pips move so far.

On the M15 chart, the market provided us with various facts supporting the bullish view. The price which was moving lower created a bullish divergence that had formed between the first low that has formed at 0.77170 and the second low that has formed at 0.77124 based on the MACD indicator. Then the price moved higher and broke above the most recent downtrend line, we may consider these as facts provided by the market supporting the bullish view. The price then moved higher further, providing an excellent move to the upside.

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

Currently, on the H1 chart, we have a bearish divergence in play based on the MACD indicator. This is something that we need to pay attention to. So if you are still involved in the buys then this is a good place to consider managing your trade and secure your profits (cash out or partial cash out or trailing protections or partial hedge, etc.. depending on the strategy that you work with).

Note: If you want to learn about Money Management you can find it here

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To your success,

Vladimir Ribakov
Certified Financial Technician