AUDUSD:
Although the more major trend has been down W1 has made a nice turn the last few weeks, creating the base for a new uptrend. We have previous W1 S&R to back this up, the downtrendline which has a close over it and RSI14 showing higher tops. This makes me fairly confident price is going to go up to probably the next major W1 S&R line at 0.961xx.
D1 has currently hit a D1 S&R line/trendline combination. It shows respect and will probably be heading down to either the D1 S&R line or the W1 trendline. We're using the triangle for confirmation, ideally we need a test and rejection of that triangle. This rejection should make a nice starting point for our trade.
Update:
Looks like price was already moving up, didn't want to respect no more. Ah well, at least we got the direction right - I might do a new evaluation of this pair the next few days if I spot a nice opportunity.
:)
UPDATE: I've put out another chart, looking for that possible new entry point :) -
Although the more major trend has been down W1 has made a nice turn the last few weeks, creating the base for a new uptrend. We have previous W1 S&R to back this up, the downtrendline which has a close over it and RSI14 showing higher tops. This makes me fairly confident price is going to go up to probably the next major W1 S&R line at 0.961xx.
D1 has currently hit a D1 S&R line/trendline combination. It shows respect and will probably be heading down to either the D1 S&R line or the W1 trendline. We're using the triangle for confirmation, ideally we need a test and rejection of that triangle. This rejection should make a nice starting point for our trade.
Update:
Looks like price was already moving up, didn't want to respect no more. Ah well, at least we got the direction right - I might do a new evaluation of this pair the next few days if I spot a nice opportunity.
:)
UPDATE: I've put out another chart, looking for that possible new entry point :) -
