Daily - Downtrend after a bearish pattern has completed, how in consolidation, however downside bias still remains. AXY is bullish, however EXY is still bullish at the moment
4H - bearish pattern completion and a brake into consolidation leads to looking for shorting opportunities
The pair has bounced of the daily trend line and has broken the 4H trend down, therefore we are now trending up
The AXY (AUD index) is also trending up, the DXY (USD index) is still in a downtrend at the moment despite the recent retracements back up
Looking to buy at a retracement
We are in consolidation on the daily and trending up on the 4 hour chart. Therefore, I believe that a retracement into the 61.8 + 1.618 level at previous structure and a touch of the 4H trend line is a good zone to get long.