THIS IS MY BIAS ON USD/AUD .
FIRST OF ALL WE HAVE SEEN A BIG BULLISH MOVE ON THIS PAIR FOR AROUND 500 PIPS.
AS HE HAVE BEEN BULLISH FOR MANY DAYS IT NECESSARY FOR PRICE TO RETRACE,
WHERE WE WOULD FALL AGAIN IN THIS WEDGE.
AND IF WE LOOK AT THE TRENDLINE IN THE WEDGE, WE COULD BE TAPPING THIS WITH ONE MORE 3TH BEARISH TOUCH WHAT WOULD RESULT THAT PRICE WOULD GO...
Welcome back for some more chart analysis practice. I found another trend continuation pattern opportunity here on USDAUD. So in this analysis I'm doing something a little different than what I normally do. I don't normally take hedge trades, but in this case that is exactly whats happening. You see, I'm already involved in a trade in inverse of this currency pair...
USDAUD showing some Bullish signs
1) RSI - Bullish Divergence
2) Stoch - Oversold condition
3) Price action - Falling wedge
4) MA200 - Four (4) times in succession the price
bounced from the MA200 - Will it happens
a fifth time?