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A Big Breakout on this Currency, How High Will It Go? 

Last Updated: May 14, 2022

By Rayner Teo

It rallied more than 300 pips last week.

And from the looks of it, it still has a long way to go.

Now, 1 of 2 things can happen:

  • It continues its upside momentum
  • It’s a false breakout

Either way, I’ve got a plan to trade both scenarios, and I’ll reveal them to you in this week’s market analysis a big Breakout on this currency.

So, go watch it right now,

A Big Breakout on this Currency, How High Will It Go?

I hope you’ve enjoyed this week’s market analysis.

If you’ve got any questions, don’t hesitate to let me know in the comments section below. Cheers!

Do you want to learn a new trading strategy that allows you to profit in bull and bear markets?

In the Ultimate Guide to Trend Following, I will teach you this powerful trading strategy step by step, along with charts and examples.

You can download it here for FREE.

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  • Dear Rayner Teo,
    I was following you only for 3 weeks and start to learn alot of things regarding trading.Thanks for the video.

    Reply

  • Thanks for another excellent weekly analysis.

    Rayner, if you have the time, please discuss a little about how you would consider entering the USDCAD market. After a weekly bearish engulfing during the second week of January, it has closed lower on the weekly for seven consecutive weeks until now. I’ve been looking for a retracement to happen on the daily for some time now, but I didn’t get a low-risk entry. I’m wondering if it may be a little late in the game to be looking for shorts, instead the weekly trend may be about ready to kick in again and take this thing even higher. What do you do when the situation occurs where the longer term (weekly) tf is in conflict with the shorter (daily), yet the longer trend seems to have been going for so long that it “looks like” it could be over.

    Thanks for your reply.

    Reply

    • Hi Dave,

      If there’s a discrepancy between the daily and weekly trend, I’ll usually stay out or only take a swing trade.

      If you want to go short right now, it’s prudent to take profit at the nearest structure low instead of letting it ride, since it’s against the weekly trend.

      If you want to go long, it’s best to wait for the price to close above the 20 EMA on weekly, or for the downward trend line to be broken.

      Rayner

      Reply

  • Hi Rayner,

    Thanks for explaining. It is so important to stick to the trading plan and forget about the other stuff.

    Dave

    Reply

  • Dear Rayner,

    Thank you for all your generous sharings. Even though I have been trading a few years, I have learnt a lot from your videos and writings. I am always looking forward to your updates.

    I am still quite new to forex so would like to ask some questions. For trend following (swing trades), should I be looking at the daily or 4H charts? For intraday trades, which time frame should I be looking at?

    For AUD/USD is it still on the uptrend at this point?

    Thanks so much.

    Reply

    • Hi XT,

      For trend following you are usually trying to capture longer-term trends, so it makes sense to look at the daily and weekly to get your trend bias.

      For intraday, you can consider the 1 hour, 15mins and 5 mins timeframes.

      Based on my interpretation, AUD/USD is in an uptrend on the daily timeframe.

      Rayner

      Reply
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