Categories: Forex Education

AUDUSD Presenting a Short-term Buy Opportunity

The Aussie Dollar traded lower earlier during the Asian session against the US dollar. However, it looks like the AUDUSD pair might find buyers on the way down. If we have a close look at the charts, then there is a possibility of a wave duplication pattern on the hourly chart that might find support around 0.7250-80.

Moreover, there is a chance that the pair is forming a double bottom pattern. In this case, we should be looking for buy opportunities if the pair breaks above a major bearish trend line on 15-minutes chart.

Technical Analysis:

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H1 – Potential Wave duplication pattern forming on the hourly chart.

H1 – Potential double bottom pattern forming on the hourly chart to support buyers.

Entry:

M15 – We can enter a buy trade if the AUDUSD pair breaks the highlighted triangle pattern and the bearish trend line as shown in the 15-minutes chart.
Target 1: 0.7480
Target 2: 0.7520
Stop Loss: Below the recent low around 0.7390.

Video Explanation:

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Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.