Right now, I am trying a new strategy for trading countertrends.
AU has just broken H4 structure around the purple circle. Once it tested the daily resistance at its trough, it made a strong bullish engulfing candle on both H1 and H4, meaning there may be enough sellers in the market to continue the countertrend to retest the trend line.
If the pair can retest the trend line, I can definitely see it wicking to the 0.71426 price zone before continuing on down
AU has just broken H4 structure around the purple circle. Once it tested the daily resistance at its trough, it made a strong bullish engulfing candle on both H1 and H4, meaning there may be enough sellers in the market to continue the countertrend to retest the trend line.
If the pair can retest the trend line, I can definitely see it wicking to the 0.71426 price zone before continuing on down