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AUD.USD – prognosis via Dow Theory

Weekly chart:

After the break in the trend at 0.7940 $ (red arrow) the market went south again, but has not, however, been able to form a new trend so far, meaning that it is not yet valid. For that, it would need a closing price beneath the last point two at 0.6908 $.

Chart1

Daily chart:

The last upward movement from the weekly chart is proceeding in the daily chart in the form of an uptrend. Here, this currency pair is located in the correction zone between 0.72756 $ and 0.70678 $. With a stop loss below the last point three, one can speculate on a continuation of this still young uptrend.

Chart2

Hourly chart:

Since an uptrend has also established itself in the higher trend (daily chart) and this uptrend is coming out of the correction zone, a nice DowHow setup has arisen in the hourly chart as a result. That is to say, here we can also see a still young uptrend, which is itself coming out of the correction zone. A stop loss beneath the green correction zone yields a nice trading chance. A first target can be used at approx. 0.7230 $.

Chart3

I hope you will remain favorably disposed towards me and always remember: the journey is the reward!

All the best

Markus Gabel

AgenaTrader/TradeEscort

AgenaTrader Trading Software

IMPORTANT NOTE: Exchange transactions are associated with significant risks. Those who trade on the financial and commodity markets must familiarize themselves with these risks. Possible analyses, techniques and methods presented here are not an invitation to trade on the financial and commodity markets. They serve only for illustration, further education, and information purposes, and do not constitute investment advice or personal recommendations in any way. They are intended only to facilitate the customer's investment decision, and do not replace the advice of an investor or specific investment advice. The customer trades completely at his or her own risk. Please refer to the current version of the Terms and Conditions.

Friday, 06 Nov, 2015 / 12:00

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