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
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