There is a lot of liquidity (red&green rays) below and above current price that should be taken out. The only questin what will be taken out first, buyers (green rays) or sellers lqd (red rays)?
We can see that price was consolidating near strong weekly level (W) almost for a month. We also see that price has tasted daily strong level (D) multiple times but it failed to break it. This fact can give us a hint that price will take buyers lqd first (the most closest ones) and after we will see big push up (to take sellers lqd) and after I expect price to reach buyers lqd that is placed on near strong weekly level - 0.61800.
So with AU swing traders are in a waiting mode because doing anything from the middle of consolidation is a bad idea.
The only way to trade in consolidation for me is to open two opposite trades on the same time so it wouldn't matter where price will go because you will be right either way.
I believe April will be more interesting with moves.
Let's see how it'll work.
Good luck:)
We can see that price was consolidating near strong weekly level (W) almost for a month. We also see that price has tasted daily strong level (D) multiple times but it failed to break it. This fact can give us a hint that price will take buyers lqd first (the most closest ones) and after we will see big push up (to take sellers lqd) and after I expect price to reach buyers lqd that is placed on near strong weekly level - 0.61800.
So with AU swing traders are in a waiting mode because doing anything from the middle of consolidation is a bad idea.
The only way to trade in consolidation for me is to open two opposite trades on the same time so it wouldn't matter where price will go because you will be right either way.
I believe April will be more interesting with moves.
Let's see how it'll work.
Good luck:)