AUDUSD is in a range and it’s not clear which direction the market wants to go.
It seems likely that it will move back up to the range top. However if we see a sell signal we will consider a short.
AUDUSD Confluence:
1. Support become resistance.
2. Trendline as a diagonal resistance.
3. Fibs level 38.2
4. Correction channel after impulsive moves.
My target is on the 127.2 level of fibonacci extention.
This is just an idea of mine, so don't make it as a reason to you to take the entry, but you need to compare and see what you see based on your strategy.
AUDUSD has a broken trendline.
And it correct down to 0.7060 after the broken trendline.
However, that yellow ABC wave before blue trendline looks like the 1st wave to us.
Price of AUSSIE found its support on fibo 0.382 and now its moving up again.
Our signal on AUDUSD is triggered and still valid now.
Good luck!!!
LESS IS MORE!
Hello traders.
I placed this entry order because even if I don't give any chance for it, the structure between the gray lines
can be an expanding flat, and if it's so, we will see a nice up impulse that I want to trade. However, my main
forecast is a bigger correction before the next impulse. So, I will take the trade, move SL to BE asap, and leave
it alone until...
The Australian Dollar and the US Dollar pair belong the Majors, a group of the most popular traded pairs in the world. This pair's popularity soared because traders were attracted to the interest rate differential of the pair. This has waned in recent years due to economic volatility worldwide.
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