AUDUSD is making a bottom at the pair's historic bottom zone. The current wave is not yet finished as far as reaching its bottom. A trade will be initiated once it does. Currently there is a limit buy order sitting at 0.6852. With luck it will get filled; however this is not really expected at this time. More likely there will be an entry somewhere around the 0.7050-0.6932 zone. The wave should finish over the coming week and this trade will be updated once it has begun.
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Well, not quite active as yet, but close. This is a wide angle view of the Aussie atm. You can see we're at the bottom of its larger range. It's just a matter of a little more time to let the second bottom finish the down trend. This week's weekly candle shows the bears are still in charge for now. However it is in its support zone and could turn any time. imo patience will bring a better entry soon. It's a 3000 pip range and we're at the bottom of it. Lots of pips to be had here.
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AU broke up through resistance this evening. I have taken a long position from 0.7119. We'll see. First goals are the most recent previous highs.
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It looks pretty clear at this point that AU is at least attempting a move to a bullish long–term trend. The current wave is in the bullish stage and still going up. I will continue to wait for it to make a bottom. This servers both to confirm the trend and provide an entry.
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lol, I've been looking at this a top to the wave. It may actually be a wedge playing out before another move higher. This is happening on a very short time frame, so we should know soon. The idea here is to short the top and ride it down. Where it lands will tell whether the down trend has ended and a new bull trend has started.
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It wasn't a wedge. The NZ rate announcement has helped speed things up here. We should be seeing a new bottom soon. Then we will have a definitive answer as to whether the underlying downtrend is over and an up trend has started.
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I'll probably be in and out of this one when it starts new bullish little wave trends. This one started out looking like a possible trend change, but now looks like another wave in the down trend. I'll step aside here with a handful of pips and wait for a signal to enter. The plan is to go long once a new uptrend is established.
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As this current little wave finishes up we'll get the answer as to whether it's bullish or still bearish underlying. Currently there's a limit buy set for 0.7024 with a stop at 0.6996. Any lower than the stop and the wave will have made a lower low and negate the idea that au has changed its underlying trend. Should it make a higher low it will indicate an up move and it will be followed till it ends.
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looks like about 50 pips and half a dozen days to go till this touches down; going by the timeline. The banner tells how many pips to reach my limit order. The limit order is set just above where I'm hoping support will begin this time around. If it doesn't, the trade will stop out with minimal loss.
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Will be waiting for next week to see how this wave resolves. Above the line=bull trend starting. Below the line=down trend continues.
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This will be fun once it gets triggered. For now, patience. It is beginning to come back to a new bottom. We should know in a day or so if it sticks to its recent time base for these little waves.We'll probably see an entry by the end of the session Monday (to kick off April). A low above the previous low at 0.70025 indicates a bull trend. Below indicates continuation and so is the more likely.
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We should be seeing a bottom for the current wave late Tuesday or early Wednesday; going by the time base of the previous wave in the group. 0.70025 is the magic number still. Above-bull trend, below-bearish continuation. This trend could just continue down to around 0.6750, but there is big support built up from .7050 on down.
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currently short this pair. the idea is to ride it to the wave bottom and then get long if the trend changes. A low for the wave above .70025 indicates a new up trend has started.
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There's a news reaction going on here that's delayed the return to bottom for the current wave. I will add up to .7184 and stop out at .7198. The idea here is to ride this down to wave low and if an uptrend has started (higher wave low) then get long.
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shorts may survive with some profit, but a retrace is underway that is giving my pips to the bank for the weekend. The good part of that is au is completing a text book down section. Once London opens for Monday we should get a new, impulse move down.
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The banks have left me about 15 pips on the short. I'll get the rest back when the market opens and retracing finishes up. Should the pair make a move to upper trend channel resistance I will add. Above that zone and the short is negated. The idea is just to ride the wave to its bottom and look for a higher or lower wave bottom.
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I'm moving this to a new starting chart.