#12 – AUDUSD (Dollar weakening)
Majority of the currency pairs are gaining on the dollar
Spotted USD weakness over on its index and an opportunity to hedge against it through AUDUSD. Monthly trend seems to be forming bullish characteristic as it tries to break off previous high. Bullish momentum is strong in the volume indicator.
During May, price action has failed to break key Weekly level and since then, market has been making strong progressive bullish candlestick. As you can see, multiple rejection of a bearish pull down.
On the Daily Chart, Market bearish channels were broken as soon after formed bullish trend characteristic. This was what got me into preparing an entry into this pair.
On the 4Hour Timeframe, A channel was spotted, and the immediate break off it with a doji was what led to a market entry. My exit strategy on the this was to exit when market showed weakness, which led to the 1:5 RR ratio.
Hopefully everyone caught it too
“Habit is built through repeated actions”