August 11, 2020
cropped AUDUSD Daily 8 9 2019 1 e1565365143607

AUDUSD Bullish Bounce Trade

Four Trade Setups for today: AUDUSD major Dragonfly doji at support hints a bullish bounce. While, EURAUD, USDCAD and Gold might be reversing.

Trade Setup 1: AUDUSD Long

AUDUSD has formed a major Dragonfly doji candlestick pattern at the major swing low and long term support level at 1.6745. I expect the price to make a bullish bounce in the coming weeks. Targeting 0.6910 then the main falling trend line. However, the low of the doji candle should remain intact for this trade setup to remain valid.

forex trade setup: AUDUSD at support

Trade Setup 2: USDCAD Short

The USDCAD has found resistance at the 200-days simple moving average, meanwhile RSI hit overbought. Usually RSI overbought signals form well in sideways trends. And also overbought signals are good bearish signals within the context of a downtrend. Therefore, i am looking for a retest of 1.3070 areas. However, I will short on an upside pullback for better risk to reward ratio or time my entry on the four-hour time frame.

forex trade setup: usdcad short

Trade Setup 3: EURAUD Short

EURAUD showing strong bearish reversal signs as the price failed to maintain trading above the main long term resistance at 1.6550-1.6570 area. Forming bearish Gravestone doji candlestick pattern , meanwhile RSI hit overbought. I will look to short a bit higher at that resistance area, as the price is likely to correct lower in the coming days, targeting 1.6235 then the main rising trend line.

forex trade setup: euraud short

Trade Setup 4: Gold Short

forex trade setup: usdcad short

Gold made a strong rally last week. But the price has hit a long term resistance among 1520-1535 area. Therefore, we could see a short term correction soon. Alternatively, if we break that resistance, we may see continuation above 1600. This trade setup requires a four-hour chart confirmation before taking a short.

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