Hump day and we’re all about the currency crosses!
Take a look at this clear higher time frame resistance on the daily:
I’ve drawn this as a single line, but just by looking at the level, you can see it’s much more of a zone.
Either way, it’s obviously resistance and it’s obviously holding.
Lets now zoom into the hourly:
After the higher time frame rejection, we now look for an opportunity to get short and as always, it’s pullbacks into previous short term support turned possible resistance that we’re looking to use to enter.
Of course stops will sit above the higher time frame level for conservative traders.
Remember this EUR/AUD long setup from back in January? Yes it’s inverted, but does it look familiar?
Always the same.
Find your levels, trade your levels.
Open an account with Vantage FX and take advantage of market opportunity.
Dane Williams – @VantageFX
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Source: Vantage FX Blog