Categories: Forex Education

AUDUSD Remains a Buy as Long as Above 0.7300

The Aussie Dollar traded close to a major breakout area recently against the US dollar, but failed to gain pace to trade higher. There is a bearish trend line formed on the hourly chart of the AUDUSD pair, which must be cleared for a buy trade. However, on the other hand, if the pair fails to break higher, and breaches an important support area around 0.7300, then more losses are possible.

There is a monster support trend line on the monthly chart, which can be the final target of sellers if the AUDUSD pair moves lower.

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Technical Analysis

Monthly– Chart representing the possibility of AUDUSD pair testing an important support trend line.

Entry:

H1– We can enter a buy trade in the AUDUSD pair if breaks and settles above the highlighted trend line, and stays above the 0.7300 support area. A break and close below 0.7300 would be a bearish call.

Target 1: 0.7420
Target 2: 0.7500
Stop Loss: Below the 0.7300 support area

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.