AUD/USD - follow me on twitter @fxdailyforecast
No trade setup on Aussie yesterday. Price took out the A low starting the reversal process on this timeframe.
FOR TODAY:
We have a B low at 1.0508; we now need a rally to the 618/786 of this big swing for a short entry.
Else a test of the low followed by a bullish cs formation will initiate a long trade set-up.
SHORT: Will be going short only IF:
We get a rally to the 618/786 (far away at present) and price then gives us a bearish cs formation. Place stop 13 pips above the high of the cs formation, limits advised upon entry.
If we don’t get the setup we are looking for then we don’t trade.
LONG: Will be going long today only IF:
We will buy a clear bullish cs formation after price hits the BF786. Place stop 10 pips below the low. Limits for this entry will be 60-70 pips since it’s a shallow bounce.
If we don’t get the setup we are looking for then we don’t trade.
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