AUD/USD Technical Analysis | AUD/USD Trading: 2014-10-24 | IFCM UK
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AUD/USD Technical Analysis - AUD/USD Trading: 2014-10-24

Australian dollar: possible bullish momentum

Today we consider the daily chart of AUD/USD currency pair. At the moment you can observe the price consolidation within the daily downtrend channel. There is no contradiction on the part of RSI-Bars oscillator: its upward movement gives us a reason to suppose a prompt trend reversal to the bullish one. The downtrend reversal is possible but not likely to happen, due to unforeseen fundamental factors, since the monthly downtrend is recorded. In case of a new bearish momentum, you should be aware of the oscillator level breakout at 30.2495%. For conservative traders it is recommended to wait for confirmatory bullish signals from such trend indicators as Parabolic and DonchianChannel, when the price crosses the level of 0.8915. This mark can be used for placing a pending buy order. It is strengthened by the upper boundary of DonchianChannel, Parabolic values and Bill Williams fractal. Stop Loss is better to be placed at 0.8619. This level is reinforced with the fractal and the lower border of DonchianChannel.

AUD/USD currency pair

After position opening, Trailing Stop is to be moved after the Parabolic values, near the next fractal trough. Updating is enough to be done every day after a new Bill Williams fractal formation (5 candlesticks). Thus, we are changing the probable profit/loss ratio to the breakeven point.
PositionBuy
Buy stopabove 0.8915
Stop lossbelow 0.8619

Dear traders. You can see the detailed report of the author’s account by clicking here.



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This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.

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