AUDUSD correction time; RSI/BBAND/STOCH/HAIKEN ASHIInstructions:
1)The Relative Strength Index (RSI) shows that the asset is temporarily overbought/oversold, suggesting a possible trend reversal.
2) Bollinger Bands indicator shows that the asset is currently in an upper/lower resistance/support zone.
3) The Forex Stochastic Oscillator (Stoch) helps identify buy and sell moments based on comparing the current price with the price range over a specific time frame.
4) In addition, I use Heiken Ashi candles, which help to see the trend in a smoother and smoother way.
Intervals:
D1:
1) RSI under level 30
2) Price bounced off the Bollinger band
3) Stoch under level 30 and green line (buy) is dominating
4) Haiken Ashi still red so we can wait
H4:
1) RSI under level 30
2) Price bounced off the Bollinger band
3) Stoch under level 30 and green line (buy) is dominating
4) Haiken Ashi green candle is building
H1:
Conclusions:
Based on the analysis of the RSI, Bollinger Bands, Stoch and the Heiken Ashi candles, it appears that the AUDUSD asset may be at a turning point.
Stop Lose:
Under the top of the Bollinger Band +10/15pips. SL will be set at break even after a 10/15pips gain.
