(AUD/USD): By taking a top-down approach, we can see that AU is back to it's important Monthly support of 0.705 which has held true since Oct. of 2018. Dropping down to the daily, this same monthly level (ML) appears even more dynamic, where we can see price push to the upside from. Although AU looks bearish, I simply don't trust it from the technically alone and am bullish on this pair for the foreseeable (longterm) future.
I've marked an area of resistance I want to see broken before entering AU long for today. Two things I'm expecting is a pullback to the ML, or a break above 0.709 on the 2-HOUR time-frame to enter long for approx. +110 pips to the upside. I will be monitoring this pair for the correct break/close/open and will update everyone when my trade for the day is open.
Entry: Buy on 2hr break/close/open above 0.709
Target: 0.71999
Stop-loss: 0.70382
I've marked an area of resistance I want to see broken before entering AU long for today. Two things I'm expecting is a pullback to the ML, or a break above 0.709 on the 2-HOUR time-frame to enter long for approx. +110 pips to the upside. I will be monitoring this pair for the correct break/close/open and will update everyone when my trade for the day is open.
Entry: Buy on 2hr break/close/open above 0.709
Target: 0.71999
Stop-loss: 0.70382