AUD/USD - Potential Long
AUD/USD coming into the action zone now, it is a counter trend trade but the risk:reward is significant if it plays out.
On the Monthly time frame you can see we are coming into a major support area where historically we have had significant moves away from it, also the major support area coincides with a huge trendline we have which could be the 3rd touch. (MA's are currently bullish on this timeframe)
The Weekly time frame is starting to show signs that we have found strong support, printing a morning star candlestick formation in the prior three weeks. (MA's are still bullish on this timeframe)
Now... on the Daily time frame we seem to have a bit more action going on, we appear to have a break of the daily descending trendline (it could still be a false breakout depending on todays close) and we also have a cross of the Moving Averages to the upside...not entering anything just yet but monitoring daily candle closes on this pair
On the Monthly time frame you can see we are coming into a major support area where historically we have had significant moves away from it, also the major support area coincides with a huge trendline we have which could be the 3rd touch. (MA's are currently bullish on this timeframe)
The Weekly time frame is starting to show signs that we have found strong support, printing a morning star candlestick formation in the prior three weeks. (MA's are still bullish on this timeframe)
Now... on the Daily time frame we seem to have a bit more action going on, we appear to have a break of the daily descending trendline (it could still be a false breakout depending on todays close) and we also have a cross of the Moving Averages to the upside...not entering anything just yet but monitoring daily candle closes on this pair
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