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
- Possible PA continuation pattern.
- rejected a move past our strong (orange circle).
- potentially about to cross over.
- Fairly strong rejection of price at the on multiple occasions
Now, I think given the strength of the trend seen in the 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.