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
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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
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Trend reversed on the backdrop of a stronger Dollar