AUDUSD Pending Long
AUDUSD closed bearish in the previous week with an ugly weekly and monthly candles closing well on its lows, also below the ~70.5% fib from which it bounced the previous month. Leaning bearish and looking for a bounce after December 2016 low has been taken out.
PLAN OF ACTION : Looking to long after a possible stop run on December 2016 low of ~0.71602 if PA shows some sign of reversal. If not then lower around the next Fib level of ~78.6% and possible run on May 2016 lows. Will update the idea later on as price action develops. Also might take a small short position if given a chance for a pullback. However not comfortable to short a breakdown on a support where price might spring up after a few pips of drop. Gonna update later for setups on lower time frame if time permits. Good Luck
PLAN OF ACTION : Looking to long after a possible stop run on December 2016 low of ~0.71602 if PA shows some sign of reversal. If not then lower around the next Fib level of ~78.6% and possible run on May 2016 lows. Will update the idea later on as price action develops. Also might take a small short position if given a chance for a pullback. However not comfortable to short a breakdown on a support where price might spring up after a few pips of drop. Gonna update later for setups on lower time frame if time permits. Good Luck
Feragatname
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