EuroMotif

AUDUSD long to short: AU bounce to continue

FX:AUDUSD   Australian Dollar / U.S. Dollar
AU had a strong push on Friday, thanks go general Dollar weakness.
I think the last leg up should have finished sooner except for the below.

There was some mixed news regarding a Trump-Xi deal.
First it was leaked that Trump actually asked his cabinet to draft an agreement.
Then the White House downplayed that scenario, as if not much had changed.

But in general it looks quite bullish still, and I do think a wave 5 is imminent.
I see three possible support zones where I will be watching the price action for sings of reversal.
The middle green zone (with darker wave 4-5) is in my opinion the most likely scenario.
If the lower green zone is reached, the uptrend is at risk, even if it does bounce a bit.

Background:
I am a longer term AUD bear, anticipating a serious drop yet to come
Since then I have been looking for shorting opportunities such as this recent plan
Then some solid pips of profit came from two way action per this plan
My last plan was to go long again, which worked out very well
Which brings me to my current plan to look for a long scalp, and then short it hard
Comment: AU pushed up into the resistance zone immediately above. But low volume due to it being a Monday, and the upcoming elections in US have put a damper of money flows. But good to see the movement following the expected path
Comment: AU looks to have successfully flipped a resistance zone into support
Comment: After some crazy movement during US elections, AU is now approaching what I thought was the most likely target Expecting a little pullback, but given the election results (not good for Dollar) I think it will get to the next zone above.
the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag

Comments

Concrete plan. Justified one. Liked it.
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Nice, i like it!!
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