According to forex technical analysis for the AUDUSD exchange rate, we
observe on daily chart, price to move to the lower line of Andrew’s Pitchfork
and below EMA(50) and EMA(200).
At 4h chart price remains below EMA(50) and EMA(200) and near to median line
of Andrew’s Pitchfork.
On 1h chart has the same technical view with 4h chart. We have to
mention on 1h chart that MACD shows positive divergence.
Following the rules of forex technical analysis, all the critical levels and
trading targets for today, Friday, August 08, are as follow :
4H Chart
The area 0.9280 – 0.9294 is a neutral zone.
If price move upward and close above the neutral zone then our upward trading
targets will be : 0.9315, 0.9340, 0.9360, 0.9390.
If price move downward and close below the neutral zone our downward trading
targets will be: 0.9200, 0.9180.
1H Chart
The area 0.9253 – 0.9263 is a neutral zone.
If price move upward and close above the neutral zone then our upward trading
targets will be: 0.9280, 0.9295, 0.9320.
If price move downward and close below the neutral zone our downward trading
targets will be: 0.9220, 0.9200, 0.9180.
We note the need to use stop loss levels. After all the above informations we
can design a forex
trading strategy in order to follow, which will have based on forex technical analysis.
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