AUDUSD, currently at a key level, has bullish candles on the weekly and daily charts but still a week to go on this month so could change
Seeing this is the second touch and I'm personally not a big fan of candle patterns on their own and have reservations around their reliability, I'm going to wait for confirmation on the lower timeframes to try and find a low risk long opportunity for a position trade long
Seeing it has the makings of hammer candles on 3 time frames says to me that there will be a lot of stops building up below the low
Not jumping in yet but its showing signs of support right now, see what the month end holds
Seeing this is the second touch and I'm personally not a big fan of candle patterns on their own and have reservations around their reliability, I'm going to wait for confirmation on the lower timeframes to try and find a low risk long opportunity for a position trade long
Seeing it has the makings of hammer candles on 3 time frames says to me that there will be a lot of stops building up below the low
Not jumping in yet but its showing signs of support right now, see what the month end holds
Comment:
Personally never been a fan of big candles with large wicks... they have a tendency to have little support within them so prices can fluctuate anywhere within the range with little to stop it
Comment:
Only saying as this months candle has a range of >300pips