Forex Trade Setup – Chart of the Week Sept. 20th

Verified Profitable Trader

AUDUSD – An Interesting Play (Daily Charts)
Forming an upward TKx signal back in early Sept. the pair has been doing nothing but climbing being bought up the last 6 out of 9 days with this last one taking out the .9460 highs and the massive 25B AUD barrier there.  The way it pulled back and then followed up with another big candle suggests the move should continue but it may not be a direct line.  If the current highs or 9500 were the next upward target followed up with some selling, the 38.2% fib of this move would be perfectly lined up at .9221 which is the august swing high.  This would create a pretty scenario for people to get back long the pair and another run to the upside.  We feel parity is a highly likely touch this year or 1Q next so we are looking to add new longs to the AUD on any major dips as it has taken them all up and found nothing but higher ground.

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