From the looks of the chart, there looks like a Head and shoulders is forming. It could result in a nice bearish move to the July 30 2020 noon time low for support.
There is alot of Trend and Resistance indicating a bear ride down the hill a bit. StochRSI crossing at the top, curving down and MACD convergence above Histogram but flickering a downward curve...all tells me to look for the 20+pip Grizzly....But we are approaching NFP, so who knows how this will play out...we shall see.
Of Coarse...as always, trade at your own risk.
AUD has been strong recently. But daily time frame show that price has approached a respected, strong resistence level within an ascending channel. StochRSI shows price has reached over bought and is beginning to curl down indicating a sale.
Well...Its always hard to say for certain.... So Iam playing it safe. I have two positions open, but Iam biased towards the Long bullish choice, based on larger Time frame bias.
However we could see a change in direction for a short stint. I have set my position for a scalp of 15 or so pips.
I will trail my stop loss for either direction....Iam in for a...
