In general I'm kind of sceptical to the AUD right now. The economy is in a dubious situation, employment and mortgages are not uplifting. But let's not worry about this right now!
This is a mean-reversion trade setup, with AUD bouncing for the edge of its range. Price action has been forming a wedge for a while now, so breakout might come in the next week or two, but I think we still got a few bounces left in the range.
Trade:
- Bounce from resistance - Stoch and RSI showing clear oversold - Smaller move inside range on monday.
This setup is good for a scalp, not more.
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So slight downside today, we're through horisontal resistance down to bottom of sloping channel. I'm starting so see some divergence on the 30m so expecting a rebound tomorrow. Let's see.
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No! This looks like a breakout. Interesting though!