In general, this pair shows a kind of triangle. Also near the level we saw a false breakout without any bullish momentum, which says that maybe we don’t have enough volume to go up.
Right now we have one more retest of this level, so I enter a SHORT trade with stop/loss little but higher than local maximum, if it falls, it may go down to a price-range somewhere...
Better to show you this signal later than never. On daily chart this pair shows an excellent reverse pattern, and in general we see a downtrend. On H1 we see a first reversal wave, thant a correction(2), and we enter the trade on the wave - 3.
Stop loss we put right above the high of wave 2, because if the price reaches that point, than it means that our...
On H4 we see a bottom line, instrument retested the bottom. To be sure in long position we’re waiting for a short up momentum and some correction to a defensive price range, where we will open a long position.
I don’t think it’s reasonable to risk and buy right now without an additional confirmation, waiting and added to a shortlist… FX:AUDNZD
