AUDUSD: Neutral but potentially due for a long trade
We have interesting evidence, suggesting AUDUSD might be ready for a reversal from this level.
The selloff has been intense, but price only completed a 0.786 retracement of the advance, which matches the daily mode that originated said uptrend.
The downtrend generated a 4 bar target that has reached and exceeded the projected level, and is flashing a buy signal after doing so right on time, sending price back to a support area.
Similarly to EURUSD, I'm changing my bias to cautiously bullish here, and will look for an entry long tomorrow before NY opens, based on tonight's developments.
An early small position could be entered here but I'd rather take a confirmed setup off the 1h/4h and daily charts instead.
Good luck!
Ivan.
The selloff has been intense, but price only completed a 0.786 retracement of the advance, which matches the daily mode that originated said uptrend.
The downtrend generated a 4 bar target that has reached and exceeded the projected level, and is flashing a buy signal after doing so right on time, sending price back to a support area.
Similarly to EURUSD, I'm changing my bias to cautiously bullish here, and will look for an entry long tomorrow before NY opens, based on tonight's developments.
An early small position could be entered here but I'd rather take a confirmed setup off the 1h/4h and daily charts instead.
Good luck!
Ivan.
Trade closed: target reached:
Bounce after time expiration.
