AUDUSD LONG SETUP: BUTTERFLY PATTERN AT A CROSS ROAD

The AUDUSD has been suppressed for a while due to price momentum in favor of the USD. The Aussie presents a cross of opportunity to go long. On the daily time frame we see price swinging downwards within a channel since January 2018 while a butterfly pattern maybe present on the 4H time frame. A buy decision may represent a counter trend but both set up coincide with the Middle line of the channel around the 0.71900 level.

Trade active:

Our pending order was filled. we now look to a Hawkish feedback from the RBA Statement and RBA Gov Lowe Speeech

Trade closed: stop reached:

Trend reversed on the backdrop of a stronger Dollar