Price has rocketed lower on after forming a large and commanding bearish engulfing bar (BEEB) on the daily price action chart of AUDUSD. This price action signal was posted as it formed in this blog and you can read the original blog post here: AUDUSD Fires off Solid BEEB. After breaking the low of the BEEB price on the daily chart first moved lower and into the near term support which was sitting around 0.9520.
Price has now broken and most importantly closed through this near term support level which could be indicating price is now looking to make a bigger move lower and into the next support level. If price can continue the move lower, the next key support comes in for this pair around the round number of 0.9400. This next support level can be seen a lot clearer on a weekly chart, than what it can on a daily chart because this level was a proven resistance level back in 2009 & 2010. The easiest way to for traders to see this level is to jump to their weekly charts.
AUDUSD Daily Chart
Hi Jonhathon,
I’m happy to be synchronized with you!
I have seen the same setup (of course because before I followed your trading course!)
Have a nice day!
Good set up. Even I am looking to enter the trade.but I didnt plot the next support at round number.
how many trade set up do you publish everyday?
I make a post each day after New York close in the trade setups section here: https://www.forexschoolonline.com//charts-in-focus-html/
These are market commentary and can range from price action setups to whatever has happened in the last 24 hours in the markets.
Johnathon