AUDUSD - LONG - Waiting for more on the DAILY
M - Price is currently stalling at a historical S/R level at 0.70700. There is not a strong reversal yet, so that is something to keep in mind when analyzing this pair, but price is still currently sitting at a key level.
W - Price has formed a triple bottom at key S/R. There was a small bullish bar that closed last week that is signaling price action may be continuing to hold this historical support.
D - Price action is still within a short-term bearish trend. There is no bullish price action just yet and I will need to see more to consider this pair for a long trade.
T1 - Weekly 20 ema
T2 - Weekly 50 ema
Summary: The daily still needs more development and the two main scenarios that I will be waiting for will be either a breakout and retest on the daily chart making a new higher high and higher low (trend change), or for price action to hold the 0.70500 level and present an intraday entry to the upside. The latter option has more risk to it, but it would be the first possible to get in on this position for a longer-term move to the upside. The risk being, trading through the daily 50 ema and still yet to have a full trend change on the daily chart.
W - Price has formed a triple bottom at key S/R. There was a small bullish bar that closed last week that is signaling price action may be continuing to hold this historical support.
D - Price action is still within a short-term bearish trend. There is no bullish price action just yet and I will need to see more to consider this pair for a long trade.
T1 - Weekly 20 ema
T2 - Weekly 50 ema
Summary: The daily still needs more development and the two main scenarios that I will be waiting for will be either a breakout and retest on the daily chart making a new higher high and higher low (trend change), or for price action to hold the 0.70500 level and present an intraday entry to the upside. The latter option has more risk to it, but it would be the first possible to get in on this position for a longer-term move to the upside. The risk being, trading through the daily 50 ema and still yet to have a full trend change on the daily chart.
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