AUDUSD appears to have finally found support from long term buyers. I added a key level obtained from a signal in the VIX chart, which I usually use with SPY, AUDUSD and USDJPY. This key level of support held, indicating strength of the long term buyers who stopped the decline in its tracks today. We can go long breaking Friday's high, with a tight stop under Friday's low, risk 0.25-1%.
Hey Ivan, Why would you swap for gold longs here? I agree long gold is a great trade to enter here but I think the aud could be a great trade from here too?
IvanLabrie
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@oztrader22, I don't want to have multiple correlated trades.
leeeon
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Long term take-profits are indicated by orange lines?
IvanLabrie
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@leeeon, no, the white arrows are the long term forecast targets. But it's impossible to ride a monthly trend in forex in one go, using a daily entry with a tight stop like this one. So we exit and enter again periodically while the monthly is valid.