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.

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:

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.