LAT
Short

AUDUSD - Trading with the trend

FX_IDC:AUDUSD   AUSTRALIAN DOLLAR / US DOLLAR
Daily timeframe . Rebound from the 3 year down trendline . Waiting for a breakdown of the countertrend line and support. Stop placed above the previous price action high and long term down trendline . Target is the next support level and previous low. With potential further targets at 0.7351 and 0.7179.
Based on Market Profile (volumes) and Price Action there is very strong swing support at 0.7246. There was about 2 week rotation where the big players accumulated their long trades and then moved the price agressively higher. You Can see this strong trading activity even on yearly volume profile!
If the price comes back to 0.7246 I think that the agressive buyers will come again and push the price higher once more.
Here is my analysis:
AUD/USD swing based on Market Profile and Price Action
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