Good day everyone how are y'all doing its a beautiful monday afternoon here in the Philippines and the weather is quite promising.
This post is about my trade ideas on the currency markets for this week and i am looking at two currency pairs at the moment which are The Australian Dollar vs The United States Dollar( #AUDUSD ) and The Newzealand Dollar vs The United States Dollar( #NZDUSD ).
First of all the tools I'm using in the following charts are:
➡️ SIMPLE MOVING AVARAGES (S.M.A)
➡️FIBONACCI RETRACEMENT TOOL AND
➡️TREND LINES
NOTE: The respective periods and color of these moving averages are:
♦️200 S.M.A (skyblue🌥)
♦️50 S.M.A (blue🎈)
♦️21 S.M.A (yellow🔅)
AUDUSD analysis:
On the daily chart, price has clearly rejected the support zone, printing a very nice bullish engulfing candle formation.
On the 4hour chart, price is retracing back to previous level of minor resistance after bouncing at the 50 sma.
on the 15 minute timeframe,price has broken both the 21 and 50 sma, will be looking for a bullish setup to go long if price reaches the previous resistant level.
NZDUSD analysis:
The price action of this pair is quite similar to that of AUDUSD
The 4hour chart:
The 15minute chart:
Follow for more markets analysis and feel free to comment your opinion and different pairs you are are looking at. Cheers!