6m 56s: Lenght

To Get Ross' Free Forex Update Analysis - Click Here: http://mytotalsupport.com/cpv/base.php?c=86&key=fd5d14f7ec45b14d31a944108238114b&ls=youtube&keyword=currency_trading&ad=FNYEh4pe3XU Taking a look here at the Australian Dollar versus the US Dollar [AUDUSD] on the four-hour timeframe, we have been looking for opportunities to go short or sell on rallies into resistance. Well, this is something that we did last week as well. We saw the market push under the blue zone last week. It rallied underneath it a couple of times. Once falling to the purple zone, twice, and then falling all the way down to this yellow zone. Fortunately, we sold it on the second time here into the 0.7380s and it went all the way down here into the 0.7260s, so a decent profit on that sell from last week. Now it’s come back up and challenged the purple zone. Unfortunately, got a little bit above it and took our trade quite a bit negative as it pushed above that purple-shaded area, but finally coming back down, pushing back down to the yellow-shaded area, giving us a decent amount of profit. Currently sitting with 39 pips of profit. We’ve seen a little bit more as it touched down there into the 0.7265-level. I would be looking for it to continue this free fall here for the AUDUSD, looking for it to break down through the yellow zone and continue doing what it’s been doing. Pressuring down to the next support level, which is into the 0.7190-level, the orange-shaded area that you just see peaking in at the bottom of the chart. So, that’s what we’re looking for today. It may or may not do that immediately. Could even take another bounce back up here towards the purple zone. That would provide another opportunity to get in if you’re not already in the trade. So, any bounces towards the purple zone become an opportunity to go short because you know what the risk is. The risk at that point is that it breaks above and goes higher. So, your stop loss would be above the purple zone if you take another short at the purple-shaded area. Next thing you’re looking for is the breakdown of the yellow zone, the continuation lower. Buying this currency pair, there’s absolutely no reason to buy it at the current moment. Yes, it’s sitting at support, but we haven’t seen any evidence of reversal. So, no reason to go long, but only looking for selling resistance or breaks of support for the AUDUSD. https://www.youtube.com/watch?v=FNYEh4pe3XU Disclaimer: This video is for general information only and is not intended to provide trading or investment advice or personal recommendations. Any information relating to past performance of an investment does not necessarily guarantee future performance. Forex Traders Daily including its analysts shall not be responsible for any loss that you incur, either directly or indirectly, arising from any investment based on any information in this video. Please remember derivatives and FX spot carries significant risks and may not be suitable for all investors. Losses can exceed your deposits.