Potential Bullish Cypher On AUDUSD

FX:AUDUSD   Australian Dollar / U.S. Dollar
This pair is currently in consolidation on a higher time frame and this is when we usually see these advanced             patterns. Here we have a potential bullish cypher that will complete just above a major support structure, hence, presenting us with a very good opportunity to go long. The pair came crashing down on friday after the NFP news and i would expect a sideways correction from this current level before we see another bearish move which will hopefully push into our reversal zone where i will also be paying close attention to the rsi and will be hoping to see some oversold conditions or even a bearish divergence which will give me a major confirmation to execute the trade.

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please, up date chart again
thank so much
Hi Jo, Thanks for the analysis as ever, followed your very colourful cyphers last week and took some profit. There is quite a long drop to your cypher entry point, would you recommend selling to that point??
JoMarshall RJHumphries
Thanks for the feedback. If you look at the charts you can see a head & shoulder pattern which is currently at entry point but I on't trade head shoulders, how based on that strategy it's a good sell. Your stops have to go above 0.7240's tho
RJHumphries JoMarshall
cool, well I added a sell position at 0.71135 with a very close stop, at 0.71330. The thinking being for the short term up trend to continue it will have to break above 0.7125 (higher high higher low) if it doesn't and the trend reverses then it will be heading down regardless and I won't get stopped out... currently got 7 pips! Lets see how it goes :)
JoMarshall RJHumphries
Good luck, as long as you're following your trade plan then all is good, regardless of the outcome.
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