With news of USD being at a 2 week low earlier today, this would lead to AUD strengthening against the dollar, We see a structure of higher highs ans higher lows, with each higher high acting as support for the new higher low, following this behavior we now are hopefully seeing that happen again and therefore a continuation in upward trend, 8 EMA coming close to 14 EMA but signs are there for a bounce off and a strong upward move beginning,
A friendly tip. If it's in the news, it's history so get ready for the opposite. I do like your analysis though. My only doubt is the second significant move below the EMA's. However, it is a difficult one to call precisely at this stage.
Drw1994
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@nelsyboy thanks for the feedback :) was a little bit in doubt about it too so went down to the 15min chart to see what the currency was doing, noticed the sell candles having smaller bodies and consolidation starting at the support level
nelsyboy
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@Drw1994, I understand with the 15min chart. I only trade using daily charts as I like to see the mindset over a period of time. 15mins is way too short for me.
Drw1994
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@nelsyboy I would use the D and 4hr charts more for analysing, 15 strictly only for an entry position
nelsyboy
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@Drw1994, ah right. That makes sense. I have read that a lot of people do that.
Drw1994
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@nelsyboy it certainly helps, especially when you’re at a key level, just minimises your loss if the trade doesn’t go your way