AUDUSD had a significant upward move, clearly violating recent resistance. For now the bulls are in control. Expect another re-test of the highs before we make a decision to continue higher, or to head back and re-test resistance as support. Current structure is supporting a move higher in the shorter term.
A series of 'Over/Unders' are forming allowing price to step back up. Expect a second push to reach the 161 fib extension at a minimum. This will allow for a 2:1 scalp to start the week.
A series of 'Over/Unders' are forming allowing price to step back up. Expect a second push to reach the 161 fib extension at a minimum. This will allow for a 2:1 scalp to start the week.
Order cancelled
Gap open well below planned entry negated this long scalp. See alternate short trade idea that happened instead.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.