Last Week Support / Resistance Trades 09 November 2014

AUD/USD

We had expected the levels at 0.8575 and 0.8550 might act as support as they had acted previously as both resistance and support. Note how these “flipping” levels can work really well. The H4 chart below shows how the price printed a bullish engulfing candle witha bounce off the higher level of 0.8575 shown at (1). This long trade failed, but there was later on during the week another bullish engulfing candle off the level at 0.8550 marked at (2), which would be in profit now. These trades against the long-term trend do not have a high win rate, but can produce excellent reward to risk ratios.

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