Description: As shown above we have FX:AUDUSD . Currently we are , we have been in a
downtrend/Bearish channel since Early 2013 similar to shown in FX:XAUUSD .We have seen a leg out of this channel Early 2016
with prices being relatively in correlation with GOLD . Price went up into Prev 0.77100, followed by a 61.8 Retracement down into the ASC
On the Monthly chart we have a Harami pattern , Weekly 2 Spinning Tops, D Continuation coming off the from the 61.8.
Using these indicator/s: [200 ,50 20 EMA] : M EMA's suggest we are still , W 50 Resistance situatated at Weekly Res 0.74400 - 20 acting as Daily Supp
However on the Daily we can see EMA's level with price (SIDEWAYS) I'm expecting with a move up we will get the 20 & 5
50 Cross above the 200.
Duration: Long Term ( SWING )
Decision: I would look to enter Long on the break of the ORANGE stops just below Prev structure Resistance BLUE Key Level. An ideal entry would be a break and close
above Weekly Resistance 0.74400 FIRST TARGET BEING PREV STRUCTURE SUPP 0.76000 // SECOND PREV M RES 0.77100 ( FIB EXTENSIONS ).
This would be accompanied by positive correlation with GOLD:
TP 1: 0.76000
TP 2: 0.77000
SL: 0.73500 - 0.73250
Thank you for viewing my idea. If you decide to take this trade,please leave a comment and a thumbs up. I will be happy to stay in touch to see how the setup is planning out.
Your also welcome to post you analysis below.
Remember to always trade your stratergy... Happy Trading
INDICATORS: Moving average ,
ATTACHED CHART : YES