Price at Critical Junction Point !

FX:AUDUSD   Australian Dollar / U.S. Dollar
50 0
Price has returned to the upper band of the Pitchfork that has
its median line starting at May 2011 with the swings at Oct 2011
and Apr 2014. If price breaks out of this downward channel it
will be regarded as a shift of trend, giving oportunities to long the
pair using lower timeframes to fine tune an entry. Last week price
did touch the line but was rejected, leaving a piercing line candle
stick at Monthly R1. Looking at PA from July 2015- July 2016 it
does look like a bottoming formation. If price takes out the April
high at 0,7820 ish a new higher high will be in place. It will also
increase chances this is a true trendshift of the Pitchfork channel.
Another option here is to follow trend and look for selling oportunities
as price may bounce of the upper band to continue its downward
trajectory. Of course this is a more probable way of trading (trend
following). But one would like to see a stronger bounce and sell off
here to get in short. Currently, price seem to build momentum to
make a proper test of the trendline . A weekly close below the
Yearly Pivot point may be the first signal of weakness and downward
contiuation. So currently it is a wait and see game. Watch what is
going on at lower timeframes. Signals in either direction may carry
lots of potential.
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