Australian Dollar looks strong these days with the uptrend remaining intact despite the recent pullback.
Now the trend has more legs with the Monthly Pivot Range continuing underneath in this new month.
The Minor Pivot Stack should continue to provide support as the market approaches the swing high.
Go long if the price trades through 0.7303 and place the stop loss at 0.7177 and a profit target at 0.7478.
Order cancelled
⋅
The price turned in the opposite direction soon after writing about this setup.
When the price moves this swiftly and with enough distance in the price, this will typically void the setup. This is because, either the price has gone to the opposite side of the Pivots or because of the magnitude of the move, new Pivots have formed in the next trading session.
This underscores why I wait for a confirmation of strength or weakness before entering the trades.