This is looking interesting. Not much to say: RSI divergences developing, with the stock down 45% since March. The selloff seems fairly exhaused. Nice risk reward, if you put a stop at 4.79 and target at 5.27
- Low test candle formation.
- Rejection of both horizontal support and a downward sloping trendline.
- Price sat between 0.5 & 0.618 Fib retracement.
- Bullish MACD Divergence
- Oversold on Stoch RSI
- Trading against the trend.
- Trading towards key EMA's.
Thoughts on this position?
1. Look for price to go down to the 2nd support level of .5.
2. Price may retrace 2 times at .5 & .382 before the big breakout "Long"
3. Regardless the price will break through the channel by 5/30/2016
4. The Uptrend will start once this happens.
5. If the price does this look to enter between 1.30028-1.29700 on ...
AUD/USD more upside in the coming months/weeks ? we have seen many higher lows since October witch is favoring more longs. First upside target is 0.73746 witch is crucial resistance for this pair, if we see a breakout 0.7600 is my next target witch is confluent with FIB.