AUD/USD - approaching long term (monthly chart) support

Aussie Dollar is approaching a long term support level on the monthly chart. Drawing a line off of a key reversal low that started at the August 2002 monthly low (0.52790) and a connecting line touching the January 2016 low of, 0.68274...the month of September 2018 could become a pivotal inflection point, for this pair. The 0.71819 level would be the third trend line touch and should buyers support this area, a move higher is likely. For those of you short this pair, please be aware of the longer term levels and be prepared in case a reversal forms ... perhaps a push down to the 0.71500 psychological level, for a reversal? By the way, the whole pattern looks like a large H&S pattern.

Trade well.
KennTrade

Handel aktiv:

WIth a strong Non-Farm payrolls report indicating worker wages are beginning to rise, in a tight job market, (finally ) - the IG AUD/USD sentiment currently at 2.8 longs per short ( a bearish contrarian indicator), and a push below the monthly line connecting the lows on the chart above, I went short at 0.71487. Stops will be a close above the trendline at 0.7180. Initial target will be 0.7000. I will revise depending upon if the downtrend remains in place.

Handel aktiv:

This short term chart shows a possible EW pattern interpretation for the move lower. as AUD USD couldn't maintain a breach of the support line. This chart shows 2 waves down and a wave 3 sub-pattern - possibly at wave 4 and looking lower into the 0.7070 region, should the 0.7100 level fall.

Trade stängt manuellt:

Circled 1 hour reversal looks like a bear trap. Exited trade with 25 pip profit. Looking to re-enter short on a test of 0.7150-0.7200.