To Get Ross' Free Forex Update Analysis - Click Here: http://mytotalsupport.com/cpv/base.php?c=86&key=fd5d14f7ec45b14d31a944108238114b&ls=youtube&keyword=trading_forex&ad=tyIUAhN_3mI Moving on over to the AUDUSD. Last week we had a phenomenal trade on the AUDUSD. We had a phenomenal sell from the green-shaded area at the top of the chart. Probably the trade of the week last week. I’m out of those trades right now, waiting for the next opportunity, and I think right now we are into a potential opportunity. If you look here on the daily timeframe, we pushed underneath the orange zone and now sitting underneath it as resistance. So, for the time being, this orange zone is your resistance level. 0.7640 to 0.7655. As long as it stays underneath there, the possibility of heading down or back down towards the purple zone exists. And the risk in that scenario – let’s see. Can I zoom in one more time? The risk in that scenario of course is that it gets back above the orange zone. So, for the day, I would say as long as it’s underneath that orange zone, there’s still an opportunity to go short. Your stop loss, and let’s see. I can grab this little red line that’s up here at the top of the chart. Your stop loss now is above the orange zone. You just don’t want it to get back above there. So, if you decide to take a short here into the orange zone, 0.7640, 0.7655 on the AUDUSD, target the purple zone for sure, but the risk in this scenario is that it breaks back above the orange zone. Don’t have your stop loss too much higher above that orange zone, 0.7655, because if it gets back above there, we’re likely looking for the turn back higher again. So, definitely watching this orange zone. Four-hour timeframe. It doesn’t really change it. Take a look. We’ve challenged back into it, just like it did here at the blue zone. Hit the blue zone and bounced off it. Now we’re into the orange zone. If it bounces off of it, we’re right back down to the purple-shaded area or lower for the AUDUSD today. Take it over to the NZDUSD, and a very similar situation. We’re into resistance. Here, on the NZDUSD, we have the blue trend line. A down trend line. By the way, it connects right here to the highest high, and right here at the high where this green-shaded area is, and you could see we’re right there again. Let’s take a couple of looks at some other indicators. Fibonacci. Highest high of the blue trend line, down to the low here into the green zone. Fibonacci of that range puts the .382 right at the blue zone. We have the blue trend line. We have the blue zone with the .382 Fibonacci retracement level and right above it is the 100-period moving average. So, right now I would say we’re more likely watching for an opportunity for resistance underneath the moving average, underneath the .382, underneath the blue trend line, and looking for the reversal back down towards the orange zone and under the orange zone, we look for it to go lower. Last week we looked at this black box. We’re looking for a breakout. Especially on the daily will give us a higher confidence, but we need a breakout of this black box. Six days have been settled down into that black box. Above it would indicate reversal to go higher. And of course below it, as we’ve already indicated, would look for it to go lower for the NZDUSD. And staying above the orange zone is what we’re seeing right now, so right now we’re in some congestion in between the blue and the orange-shaded area. We need a breakout there. Four-hour timeframe. Again, we could see a false breakout on Friday, or last week we see that false breakout there. It was a very short-lived push underneath and now we’re back into the blue-shaded area as resistance. Zoom it out one time. So, again, it doesn’t change it. We need a breakout, either above the blue zone for upside or under the orange zone preferably now on the daily timeframe to go lower for the NZDUSD this week. https://www.youtube.com/watch?v=tyIUAhN_3mI Disclaimer: This video is for general information only and is not intended to provide trading or investment advice or personal recommendations. Any information relating to past performance of an investment does not necessarily guarantee future performance. Forex Traders Daily including its analysts shall not be responsible for any loss that you incur, either directly or indirectly, arising from any investment based on any information in this video. Please remember derivatives and FX spot carries significant risks and may not be suitable for all investors. Losses can exceed your deposits.
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