FX:AUDUSD   Australian Dollar/U.S. Dollar
122 2 2
Hi trading view,

Firstly see my related idea to get a feel for where i'm at with this pair.

We can see that the price went through the huge decline in september and has since been consolidating above .8637

Technical considerations:
- Possible PA continuation pattern.
- RSI rejected a move past our strong trend line (orange circle).
- Stoch RSI potentially about to cross over.
- Fairly strong rejection of price at the resistance level on multiple occasions

Now, I think given the strength of the trend seen in the RSI combined with the re-invigorated USD rally we have seen spark up again we could well be due for another collapse in the AUD. The AUD has been pretty stubborn during October.

I'll plan to trade both directions here.

-If we break upside i'll aim for somewhere around the .91 mark keeping a stop for any evidence of a rejection somewhere around .8894

- In a more favourable downside scenario, I may be able to trade down to the .8637 level if i enter at the top of the range or on a break of the pattern and then add to my position if we break below .8637.



Related Ideas

APosner PRO
2 years ago
The ascending wedge is a continuation pattern - in this case to the downside.
snapshot
Reply
Sitrade APosner
2 years ago
I know, It was still consolidation though in my mind.
Reply
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