Xauaud (gold aud) AB=CD completes at the extreme range of a weekly Paralell channel and at a weekly support zone.
With the last candle closed for the week showing strong reversal, I am seeing Xauaud to be a good buy position.
I am already in this trade but you could wait for cs to break though ks to take the trade, we do not currently have any sign of a bullish kumo so be ready to exit the trade on bearish candle formations..
Be ready to buy the kumo breakout.
Chinkou above price, kijun shows a change in trend.
I would place a small buy now then a larger trade after the breakout.
I dont use a stop loss, but you could put a stop loss just under 1771 after the breakout and move it up when and if the chinkou breaks through the cloud.
Gold against Aussie looks to be under control of bears for the most part ever since it broke out of the T.L support from September 16th of 2015 and perhaps we will continue to see it decline further once we have a close below the 1434-1430 area .... I see 1420 and 1394 levels as our possible targets.
