AUDUSD Australian Dollar versus US Dollar is trading now within a weak weekly demand level around 0,6688. The weekly timeframe has been dropping strongly for the last five weeks and it’s now trying to eliminate weekly demand level at #1 where the prior bullish move started.
The weekly demand imbalance is being attacked, even though price has been dropping for so long, we want that demand level to be eliminated before we think of shorts now. Shorts were possible and available on the way down, now we need current AUDUSD forex cross pair obstacle to be eliminated before taking any decisions.
This is the kind of price action technical analysis you will learn in our trading community. You will learn how to locate new supply and demand imbalances and trade without using any indicators, no news, no fundamental analysis, no earnings announcements, no volume or VSA analysis. Just supply and demand imbalances.
Trading supply and demand imbalances is ideal for beginners and those with a full or half time job, you won’t need to stay in front of the computer all day long trying to move price action with your mind.
As supply and demand traders, we do not need to pay attention to the news, fundamentals or any earnings reports. Once a big timeframe imbalance has gained control, earnings do just the opposite and react strongly to those imbalances. Why is it that you see positive earnings and then the underlying stock drops like a rock, or a negative earnings announcement and the stock rallies like a rocket out of control? You are probably missing the fact that there are big imbalances gaining control.
Unless you are doing very short term trading and scalping, you should not worry about fundamentals or earnings announcements.
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