Kumowizard

AUDUSD - Counter long setup on 4 Hrs

Long
FX:AUDUSD   Australian Dollar / U.S. Dollar
4
The stretched USD bull should chill down a bit. Maybe some USD correction can be played via AUDUSD counter long.

Daily: The bearish momentum is out of steam, the cross has started some consolidation. DMI lost bearish bias and ADX dropping. Two tiny daily reversal doji candles, possibly signaling an interim double bottom too. Tenkan and Kijun are closing in. MACD is bullish with Slow Stoch bullish wave.

4 Hrs: After breaking above the Kumo, Price is just retesting Kijun Sen, 100 WMA and Kumo now, basically trades at short term equilibrium level. This can be a careful buy entry point, with a stop below 0,8090, initial tgt 0,8300-0,8350. Watch for next buy wave on Slow Stoch , if that happens while Price still trading at/above the Kumo, that will be a confirming signal.


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