This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
AUD/USD: testing Cloud’s resistance
2019-11-11 • Updated
Technical levels: support – 0.7730; resistance – 0.7750, 0.7780
- Sell — 0.7730; SL — 0.7750; TP1 — 0.7610; TP2 — 0.7580.
Reason: bearish Ichimoku Cloud with horizontal Senkou Span A and B; a new dead cross of Tenkan-sen and Kijun-sen under the Cloud, but with the lines are horizontal; the prices in a correction movement to the Cloud and can be stopped by Cloud’s resistance.
Later today Tiff Macklem, the governor of the BoC (Bank of Canada) is expected to speak at the Riksbank's International Symposium as part of a discussion panel on 'Central Bank Independence'.
If you've followed my analyses closely for a while now you'll already understand why I always look to the price action on the DXY (US Dollar) chart for clarity on how to approach trading the major pairs. Looking at the chart above, we see clearly the descending wedge leading price off right into the PIVOT demand zone
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