AUDUSD Pending Long
AUDUSD closed bearish in the previous week with an ugly weekly and monthly candles closing well on its lows, also below the ~70.5% fib from which it bounced the previous month. Leaning bearish and looking for a bounce after December 2016 low has been taken out.
PLAN OF ACTION : Looking to long after a possible stop run on December 2016 low of ~0.71602 if PA shows some sign of reversal. If not then lower around the next Fib level of ~78.6% and possible run on May 2016 lows. Will update the idea later on as price action develops. Also might take a small short position if given a chance for a pullback. However not comfortable to short a breakdown on a support where price might spring up after a few pips of drop. Gonna update later for setups on lower time frame if time permits. Good Luck
PLAN OF ACTION : Looking to long after a possible stop run on December 2016 low of ~0.71602 if PA shows some sign of reversal. If not then lower around the next Fib level of ~78.6% and possible run on May 2016 lows. Will update the idea later on as price action develops. Also might take a small short position if given a chance for a pullback. However not comfortable to short a breakdown on a support where price might spring up after a few pips of drop. Gonna update later for setups on lower time frame if time permits. Good Luck
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.