You are welcome to another edition of our weekly trade plan. Once again last week saw us in profits as AUDUSD gave us 100 pips as price bounced off the support level as shown..
Its the last month of the year.
What are the usual market reactions in the last month of the year?
Learning price action or how to draw lines and detect support and resistant regions alone will not make you successful trading the market.
You need to understand the sentimental aspect of analyzing each currency pair at different times of the month or year.
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The trade plan for this week will only be looking at the AUDUSD.
Buying at the support level as shown last week gave us 100 pips for this pair. Price is now at the next level resistance. We will need a clear break upwards to continue the bullish momentum. The formation of a fakey pin bar at the resistance has given an indication of upside pressure.
TRADE ADVICE- Look to buy on exhaustion or pull back to the trend line shown. A break below the trend line nullifies the outlook.
Have a great week ahead!!
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