AUD has had a significant retracement, and after briefly popping below 0.78000 we seem to be rejecting that low. A potential channel back to at least 0.79000 and beyond seems to be possible. Ideally I'm aware the bears could still be there, so a few things I'd like to see before jumping in long for another leg:
1. I'd like to see the minor swing high point at 0.78600 get tested
2. I'd like to see any subsequent retracement supported at the 0.78375 'over/under' level
3. I'll look for Lower time frame price action to determine an entry. Ideally a double bottom, a smaller over/under or similar convincing price action.
With the 0.78600 level used, if we then move convincingly above, it should become obvious we're going higher and we'll see short sellers unwind and new buyers come in.
Fib Targets as outlined.
1. I'd like to see the minor swing high point at 0.78600 get tested
2. I'd like to see any subsequent retracement supported at the 0.78375 'over/under' level
3. I'll look for Lower time frame price action to determine an entry. Ideally a double bottom, a smaller over/under or similar convincing price action.
With the 0.78600 level used, if we then move convincingly above, it should become obvious we're going higher and we'll see short sellers unwind and new buyers come in.
Fib Targets as outlined.
Order cancelled:
Support didnt hold. Re-Assessing