As per my previous suggestion, AUDUSD has pulled back. Longer term I am an AUD Bear. But for a short term swing this area may work on the lons side.
Based on what I am currently looking at:
1) Oscillators Exhausted and Divergent
2) Price within UpTrend Buy Zone (Lower Bound Rising Channel)
3) Price Holding Previous Weeks Low
4) Price Completed AB=CD Pullback (in Minor Falling Channel)
So, wait for 4 or 12hr positive close to initiate new longs. Previous weeks low (with X*ATR added) is your risk.
Price needs to clear Previous Months Low @ .7625 and then .7640 area which currently corresponds to the falling 100EMA (12hr=50Day)
Based on what I am currently looking at:
1) Oscillators Exhausted and Divergent
2) Price within UpTrend Buy Zone (Lower Bound Rising Channel)
3) Price Holding Previous Weeks Low
4) Price Completed AB=CD Pullback (in Minor Falling Channel)
So, wait for 4 or 12hr positive close to initiate new longs. Previous weeks low (with X*ATR added) is your risk.
Price needs to clear Previous Months Low @ .7625 and then .7640 area which currently corresponds to the falling 100EMA (12hr=50Day)
