Is there an early signal for a bottom in Aussie?
There are some early signals that at least a local bottom may have been forminf ard 0,7000 +/-
Weekly:
- Ichimoku setup is strategic bearish. Important bearish support and first possible pull back tgt in case of a correction is at 0,7500
- Heikin Ashi is still bearish, but no further strong momentum gain
- 3-4 weeks ago Price reached the bottom of the long term bearish trend channel
Daily:
- Ichimoku setup is bearish, but supports have come lower: Kijun Sen at 0,7093, Trendline and Kumo zone between 0,71 - 0,72. A confirmed bullish daily reversal would take place above 0,72
- Please note that Price made a higher low two days ago. Heikin Ashi gave a possible exhaustion/reversal signal yesterday, confirmed by a clear bullish signal today.
Strategy: close shorts (if you have). Enter 0,25-0,50 risk unit counter long position. Size up later if bullish signal firms.
Momentum is a bit stretched on 4H time frame and Kumo is also quite thick, so I'd prefer to buy 0,25 unit now and try to buy some more ard 0,7030-0,7050 pull back if possible.
p.s.: EURAUD short is an option too, but it is a question of your view on EURUSD :-)
Weekly:
- Ichimoku setup is strategic bearish. Important bearish support and first possible pull back tgt in case of a correction is at 0,7500
- Heikin Ashi is still bearish, but no further strong momentum gain
- 3-4 weeks ago Price reached the bottom of the long term bearish trend channel
Daily:
- Ichimoku setup is bearish, but supports have come lower: Kijun Sen at 0,7093, Trendline and Kumo zone between 0,71 - 0,72. A confirmed bullish daily reversal would take place above 0,72
- Please note that Price made a higher low two days ago. Heikin Ashi gave a possible exhaustion/reversal signal yesterday, confirmed by a clear bullish signal today.
Strategy: close shorts (if you have). Enter 0,25-0,50 risk unit counter long position. Size up later if bullish signal firms.
Momentum is a bit stretched on 4H time frame and Kumo is also quite thick, so I'd prefer to buy 0,25 unit now and try to buy some more ard 0,7030-0,7050 pull back if possible.
p.s.: EURAUD short is an option too, but it is a question of your view on EURUSD :-)