AUDUSD Price Action 04/09/14

FX:AUDUSD   Australian Dollar / U.S. Dollar
218 0 4
Continuation of 27/08/14 Analysis ---

As previously discussed, this pair is currently in a range. The Large Pin Bar as shown in the chart (and was mentioned in the previous analysis) is still valid. That the market still wants to go up. This was validated by the Bullish Engulfing Bar that formed yesterday. This BUEB indicates that the market, currently, does not want to go anywhere lower than the low of the Large Pin Bar which is a sign that the price will continue to go up and might retest the Resistance any time soon (probably 1-2 weeks from now). It is also worth noting that the BUEB formed in a recent minimal down move. We don't want to see a BUEB forming in an upward movement. The trades we are looking for are reversals (i.e. After a down move, Buy at Support level ; After an up move, Sell at Resistance level ). Another thing is that, we can consider that this BUEB formed at/near Support level . Although it did not touched the 0.9220 level, we are still considering it that it formed at/near Support. Remember that Significant Areas/Levels are Zones and not a specific price.

I'm still bullish with this pair but currently is in a range so the trade will only be buying at support. Trade well.
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