AUD/USD IDEA
as we can see here on the AUD/USD chart that the market has been in a descending downtrend for a while now. and has been breaking levels continuously and creating lower lows, with lower highs. as of now, the market had has a breakout of prior support, however when it came back to retest it didn't get rejected and came back into its previous areas. the market came and created resistance around the 0.382 fib level and then moved momentum back down to the prior broken resistance, (which is now a support line) and has not broken past. it has settled there creating small signs of structure. due to these type of conditions, we can have 2 potential scenarios, the market can go move up to test the downward trendline and then move back down to lower areas, or it can break through the trendline and then have complete new momentum to the upside to near the 0.5 fib level, with longterm upside movement and create structure and new patterns there. so before we take any trades we will be looking for patterns with candle confirmation which will give us a secure signal in what we will have to do next.
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