One more down before the rise??
I believe AU could fall once more or flag here. It broke the top of the bullish flag range and came back down inside the range. I see two or 3 options here. A bullish trend continuation pattern may form or we could revisit .7050 zone before heading weekly to .76000 zone. I see a daily/4H INV head n shoulder formation as well with the right shoulder being a nice long drawn out bullish flag. A break up from this flag would indicate the trend will continue and a nice pullback will be good to enter on. A drip to the bottom is even better for entries. Lets see how the beginning of the week tells us the story.
RSI - falling and under 50%
20 and 50 MA above candles on 4H
200 MA under candles
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AUDUSD short
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SL: .7235
Entry: .7200
TP: .7095
TP2: .7075
TP3: .7050
-----------------
AUDUSD long
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SL: .6750 Bottom of head
Entry: .70500
TP: .72000
TP2: .74000
TP3: .76000
TP4: .76300
RSI - falling and under 50%
20 and 50 MA above candles on 4H
200 MA under candles
-------------
AUDUSD short
-------------
SL: .7235
Entry: .7200
TP: .7095
TP2: .7075
TP3: .7050
-----------------
AUDUSD long
---------------
SL: .6750 Bottom of head
Entry: .70500
TP: .72000
TP2: .74000
TP3: .76000
TP4: .76300
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