AU had a tremendous move on Thursday, helped by Dollar weakness across the board. That move was a picture prefect EW ''Wave 3'' where it is nearly vertical, and with very few pullbacks. So now I am expecting a wave 4 retrace, and the two green zones are of primary interest to me.
Friday is NFP report in USA, so there will be spikes in both direction on all USD pairs. Thus an entry before NFP release will be risky, so ideally price will be camped at one my zones just before NFP. Will try to add updates as price moves overnight, and of course after the NFP to end the week.
Background: I am a longer term AUD bear, anticipating a serious drop yet to come
Since then I have been looking for shorting opportunities such as this recent plan
Then some solid pips of profit came from two way action per this plan
My last plan was to go long again, which worked out very well
Which brings me to my current plan to look for a long scalp, and then short it hard
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Trump news just came out, claiming a deal with China looks likely. Thus AU got a serious boost, popping right up to the high resistance level I guess I need a new plan now, given the new information and new movements.