AUD Beware

Good Evening / Morning Dynamic Traders

"Better to have tried and failed, than not tried at all"

Cross = AUD : 60min Chart (Posted Below)

Read our review from Monday's blog Click here It would have been worth it.

If you have been with us since the start of the week and took the trade you would have been 200 pips to the better over the two days, with today's candle giving a new higher high on the day chart. Now that the historic key support / resistance of 0.7700 has been breached today we could get a bounce from it towards RN 0.8000.

On the day chart the larger wick at the top of the candle may give a concern so moving to the 60min would be recommendable to manage the trade.

Lets look at the 60min, Stochastics is giving a false reading, RSI is moving down from it's recent peaks and MACD signal line is above it's line and there is signs of recent divergence. These confluence of events point to a change in the recent move up.

Will it be a correction before continuing it's upward move ? or something more robust ? Advanced Get's elliot wave count points towards a wave 4, back towards the VI ?

Ensure your stops are ideally placed and manage your trade.















Courtesy of Advanced Get / E Signal

Trade with Passion

John Maher
Forex Analyst

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