AUDUSD - Long at possible range bottom (swing trade)
AUDUSD has lost quie some of its bearish bias. It is obvious on both time frames that it started to consolidate in wider range (volatile sideaway moving).
Daily: 0,8660-0,8670 is a very strong key support/resistance. It stopped bears 4-5 times during last two weeks. Bearish momentum is decreasing. ADX started to drop, MACD is positive and Slow Stoch is turning bullish again, with some minor positive divgence compared to the previous bottom. Tenkan Sen has become flat, Kijun and Senkou B still points down. Maybe it is too early to call it, but there is some chance for developing a double bottom here.
4 hrs: it has been sideaway moving for quite a long time now, with one counter trend breakout attemot, which quickly faded. Price came back below the upper key level and late below the Kumo too. Second attempt was also refused by the 0,8717 key line. On the other side the 0,8660-0,8670 looks rock solid so far, with multiple bottoms. All averages are flat line, ADX is super low, so Ichimoku and DMI system won't help us until it starts trending again in one of the directions. In rangebound mkt use the Slow Stoch to enter swing trades.
So buy now with a stop below 0,8660. If Price breaks above 0,8717, you can try to leverage up longs, maybe the next break will be succesful. If 0,8660 breaks, then simply forget any longs, rather try to re-enter short as then the major daily trend will continue.
Daily: 0,8660-0,8670 is a very strong key support/resistance. It stopped bears 4-5 times during last two weeks. Bearish momentum is decreasing. ADX started to drop, MACD is positive and Slow Stoch is turning bullish again, with some minor positive divgence compared to the previous bottom. Tenkan Sen has become flat, Kijun and Senkou B still points down. Maybe it is too early to call it, but there is some chance for developing a double bottom here.
4 hrs: it has been sideaway moving for quite a long time now, with one counter trend breakout attemot, which quickly faded. Price came back below the upper key level and late below the Kumo too. Second attempt was also refused by the 0,8717 key line. On the other side the 0,8660-0,8670 looks rock solid so far, with multiple bottoms. All averages are flat line, ADX is super low, so Ichimoku and DMI system won't help us until it starts trending again in one of the directions. In rangebound mkt use the Slow Stoch to enter swing trades.
So buy now with a stop below 0,8660. If Price breaks above 0,8717, you can try to leverage up longs, maybe the next break will be succesful. If 0,8660 breaks, then simply forget any longs, rather try to re-enter short as then the major daily trend will continue.
