Kevin_Lomax
Long

Aussie Breaking out with the Bulls

FX:AUDUSD   Australian Dollar/U.S. Dollar
59 0 5
9 months ago
Long term perspective.
Bandwidth on daily has risen sharply, weekly overall flat, but you can clearly see the increase in volatility from last week in price action. A good entry point would be to wait for more confirmation on weekly. You can see that one weekly bar only generates a small amount of increased volatility relative to past movements on Weekly. This market has obviously been in a strong Bear trend for few years, and in these scenarios patience is required for long term traders. A break of the next upcoming minor supports on daily and further strong bullish candles on Weekly will confirm a new trend.
Ideally .750 will break and the next level to watch will be .800-.820. (Please note all my Support and Resistance lines should be viewed as zones and not fine lines!)
I am long term trader and target trends, if this trend does not confirm or continue I will discard this trade. I find trading range bound markets to be far less profitable than trends.
8 months ago
Trade closed manually: This has entered back into consolidation , I will remain aside until direction is established
7 months ago
Trade active

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