SIMPLE 1.2.3
If this plays out then we will see this possibly come into form REMEMBER LEVELS DO NOT HAVE TO HIT EXACTLY SO PROPER RISK MANAGEMENT IS KEY
On the topside, traders seem to be respecting the old trendline that connected highs from November 27 and December 3, then became a support on December 14. Today, in the Asian session, the price traded above and below the trendline before falling to the session lows. The rebound is so far staying below that line currently at 0.75415. A move above should be more bullish lease intraday.
Like a number of pairs, the low to high trading range for the AUDUSD is only 39 pips today. The 22 day average (around a month of trading) is 58. So there is room to extend should there be a break. The bias would be to wait OR sell the pair to a stronger level of support then to take it longer to higher levels listed above
If this plays out then we will see this possibly come into form REMEMBER LEVELS DO NOT HAVE TO HIT EXACTLY SO PROPER RISK MANAGEMENT IS KEY
On the topside, traders seem to be respecting the old trendline that connected highs from November 27 and December 3, then became a support on December 14. Today, in the Asian session, the price traded above and below the trendline before falling to the session lows. The rebound is so far staying below that line currently at 0.75415. A move above should be more bullish lease intraday.
Like a number of pairs, the low to high trading range for the AUDUSD is only 39 pips today. The 22 day average (around a month of trading) is 58. So there is room to extend should there be a break. The bias would be to wait OR sell the pair to a stronger level of support then to take it longer to higher levels listed above