Potential long option on AUDUSD, markets reaching HTF support and major key level, break from smaller TF trend and trend change confirmation from the retest of the 1hr 50 EMA. Short term long back up to retest our 4hr resistance level. Overall direction was short on higher time frames however now we have consolidated around the major support and rejected we have trend change bias. Only small (predictable) fundamentals for USD today and none for AUD, so a clear pathway for AUD to make some headway before tomorrows high impact USD fundamentals which could likely cause a pull back on smaller timeframes, or give AUD additional momentum to the upside, depending on the outcome of the fundamentals. Stop are in place to cover any unpredictable events.
Comment:
Currently AU is rejecting 0.67749, a minor key level in terms of higher time frames, however it has shown some ridgedness over the past. We've moved stop to 0.67432 to lock in 30 pips but we also don't want to choke this position in case of a smaller time frame pull back and continuation through the minor resistance level.
Comment:
Stopped out for 30 pips / 1% profit.