FX:AUDUSD Australian Dollar/U.S. Dollar
The AUD vs USD has currently formed a rejection candle at the of .80666 (not my favorite number) but anyway! This is the second hit at this level as resistance and third overall. Usually when price is going to violate a level we see a big strong candle much like the candle that violated the level but the momentum did not follow through as the bears pushed this level back down to the S&R level. I like to stay with the rules of buy low and sell high therefore I am shorting this pair at resistance as this appears to be a fade catching the breakout long trades. If price can violate the previous high of the then all bets are off. With on the chart it shows price is about 300 pips from the daily Kijun which is dis-equilibrium for this pair and the market may either correct itself what I am expecting or range for a while until the market falls back into equilibrium. Have a great trading day and God bless!
It looks like price might not hit my target. I was looking at the fractal level for target and currently price is sitting right at that level but I was greedy and took the support below the fractal. I think we are going to see a reversal of the pullback and price will continue long. Were a little bit early yet but once it comes into effect I am going to post my long trade for this pair.