AUDUSD Forecast today: Expert Predictions 20.07.2023


AUDUSD Forecast today: Expert Predictions

Introduction

Welcome to our expert analysis of the AUDUSD currency pair for today, 20th July 2023. In this comprehensive article, we will explore the key levels, trading plans, risk management strategies, and additional resources to help you make informed decisions and achieve success in day trading.

AUDUSD Key Levels for Today

Before diving into the trading plan, let’s identify the crucial support and resistance levels for the AUDUSD pair:

SUPPORT RESISTANCE
$0.67500 and $0.67100 $0.68400
These levels will serve as the foundation for our trading strategy as we seek opportunities in the forex market.

Trading Plan for AUDUSD

To make profitable trades in the AUDUSD market, we will be employing a rejection strategy at the resistance level of $0.68400. If the price faces rejection around this level, we will enter a SHORT SELL position, implementing our risk management strategies effectively.

On the other hand, for LONG positions, we will closely monitor price movements, waiting for them to fall to the previously mentioned support level of $0.67500, which coincides with the previous day’s low. Additionally, we will keep an eye on another support level at $0.67100 to identify potential buying opportunities.

Risk Management in Forex Trading

As a forex trader, your primary goal is to preserve your capital and find an edge to survive in this competitive market. This goal can only be achieved by implementing effective risk management rules.

We have already covered the basics of risk management in forex trading in a previous article. It’s crucial to calculate your risk per trade based on your risk capital before entering any trade. Proper risk management and position sizing play pivotal roles in ensuring a successful trading journey.

Additional Resources to Learn Risk Management, Support Resistance, and Forex Insights

To deepen your understanding of risk management, we recommend watching the full video available on YouTube. It will provide valuable insights into effectively managing your risk while trading in the forex market.

https://youtu.be/q5UiDAk1740
Forex Trading: Risk Management And Position Sizing- Source: YouTube Rayner Teo

Moreover, to enhance your trading skills further, learn about various trading strategies, including support and resistance, rejection, and breakout strategies. Keeping your trading approach simple and efficient is the key to consistent success.

https://youtu.be/PuboYnBc0t8
Support and Resistance Secrets: Powerful Strategies to Profit in Bull & Bear Markets – Source: YouTube Rayner Teo

We invite you to visit our website daily to access valuable Forex insights and educational content to help you plan your trades effectively.

Trade Recap on AUDUSD

Before concluding this article, we encourage you to review our previous article on AUDUSD for a comprehensive understanding of the currency pair’s movements and trading opportunities.

also read: Understanding AUDUSD Tradingview Chart Today 17.07.2023


Conclusion

In conclusion, day trading in the forex market requires a well-thought-out strategy, effective risk management, and continuous learning. By analyzing the key levels of AUDUSD, implementing rejection strategies, and adhering to risk management rules, you can maximize your profit potential and achieve success as a forex trader.

Remember to stay updated with the latest insights and resources available on our website to further enhance your trading skills. Happy trading!


FAQ’s

  • Q: What are the key levels for AUDUSD today?
    A: The key levels for today’s AUDUSD are Resistance at $0.68400, Support-1 at $0.67500, and Support-2 at $0.67100.
  • Q: What trading plan is suggested for AUDUSD?
    A: We recommend implementing a rejection strategy at the Resistance level of $0.68400 for SHORT SELL positions and monitoring the price fall to $0.67500 (the previous day’s LOW) for LONG positions.
  • Q: How important is risk management in forex trading?
    A: Risk management is crucial in forex trading to protect your capital and ensure survival in the market. It involves calculating risk per trade based on your risk capital and using position sizing effectively.
  • Q: Where can I learn more about risk management?
    A: You can watch the full video on risk management available on our website to gain more insights into effectively managing your risk in forex trading.
  • Q: What other trading strategies can I learn?
    A: You can explore trading strategies like support and resistance, rejection, and breakout strategies to enhance your trading skills and make informed decisions.
  • Q: Where can I find daily forex insights?
    A: Visit our website daily to access valuable Forex insights and educational content that will help you plan your trades more effectively.

website: theforexinsights.com

TAGS : #AUDUSD #XAUUSD #TRADINGVIEW #EURUSD #FOREX


The information provided here has been prepared by TheForexInsights’ team of analysts. All expressions of opinion are subject to change without notice. Any opinions made may be personal to the author and do not reflect the opinions of TheForexInsights.

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