AUDUSD WAITING FOR BREAKOUT
Price Action (Technical Analysis): The Aussie has been getting dumped for an extensive period coming up against the US Dollar. What is interesting about this price range we are currently accumulating at is that in historical data we see a VERY Long Wick in the Daily Time-Frame that touches this zone and buyers rushed to press price to close above where price action is right now, we previously saw buyers rushing in at support that gave us a Bearish Daily Long Lower Shadow telling us we may experience a break above consolidation and a retest going long. Let's say this pair executes in this manner, then we will consider this bullish trend in smaller time frames an exhaustion from the Aussie being pushed to low to support. (After an Impulse Price needs to chill and take a breather (Correction)). My analysis is that we can day trade a break above structure or a break below and find entry reason after a pull back to previous structure or using our Fibonacci Tool.
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.