AUDUSD is wedged in a position where it will soon move to the downside but I will only be opening a position after the break and retest of the lower band or on "a move higher that fails to break and close above the top band".
Simple rules here to follow that will offer a decent RR move to the downside.
If I see a break and candle close above the upper band I will not be opening any position and there is no trade and capital preserved.
is a little low for my liking which is why I prefer to see a move and failure higher before opening or a break below the bottom band and retest.
We can see that AUDUSD held it's weekly and daily support levels on the back of not so great US data plus is currently trading above it's daily pivot.
This trade idea is therefore cancelled for the time being with no position having been opened.
This would leave the door open for this pair to move higher today but since I'm not interested in what I see I'm moving on to greener pastures.
Only way to sum up this week in Forex is chop, chop, chop.