Aud is at an interesting point, and is probably best to just stay away from right now.
Big Picture
It has recently made a large impulse down after failing to break out of a weekly downtrend and is now approaching the daily upward TL.
A correction is needed before it can continue further down, to which I am forecasting in the long run.
TECHNICALS
MACD:
1 Hour bullish divergence.
Pattern:
A questionable breakout of the 1 hour downward trend line with a flag forming at questionable trading hours currently 6:21 EST.
The Asian session just opened and there is new at 9:30 Est.
S/R
Currently supported at a strong 4 hour key level (light blue) and underneath 1 Hour resistance.
Bottom Line.
The flag forming now, has probably induced a few traders to assume longs. However with the choppy price action I would like to see the price drop down and retest the low before heading upward. Im keeping my stop and my risk very small. Due to the nature of this beast.
Watch out if you see failure near the blue resistance level. Triple top formation would drag this sucker down.
Big Picture
It has recently made a large impulse down after failing to break out of a weekly downtrend and is now approaching the daily upward TL.
A correction is needed before it can continue further down, to which I am forecasting in the long run.
TECHNICALS
MACD:
1 Hour bullish divergence.
Pattern:
A questionable breakout of the 1 hour downward trend line with a flag forming at questionable trading hours currently 6:21 EST.
The Asian session just opened and there is new at 9:30 Est.
S/R
Currently supported at a strong 4 hour key level (light blue) and underneath 1 Hour resistance.
Bottom Line.
The flag forming now, has probably induced a few traders to assume longs. However with the choppy price action I would like to see the price drop down and retest the low before heading upward. Im keeping my stop and my risk very small. Due to the nature of this beast.
Watch out if you see failure near the blue resistance level. Triple top formation would drag this sucker down.
Trade active:
Broke above resistance level. BE and ride to target