AUDUSD - When would I get Long?
(A) Successful breakout above Upper-Band of Negative Monthly Channel Trend.
(B) Break-Out above and successful back-test of 77 Week Wedge S/R Level at 0.7835.
Aggressive Bulls are currently looking at (B) and weighing up a 2R:R or better on Longs here if 0.7835 back-test holds.
I'm more cautious getting long AUD here and am presently long USD Index. So, I am inclined to wait for a more significant back-test into the .78-.765 area on a weekly timeframe. At that stage there would be increased potential for a deeper move into the .765-.74 Lower-Band of Weekly Positive Channel, so I will reassess again at that stage if we get there. But I feel a long at lower levels would better suit my style of risk management and trade selection process.
However, I will remain open to developments.
(B) Break-Out above and successful back-test of 77 Week Wedge S/R Level at 0.7835.
Aggressive Bulls are currently looking at (B) and weighing up a 2R:R or better on Longs here if 0.7835 back-test holds.
I'm more cautious getting long AUD here and am presently long USD Index. So, I am inclined to wait for a more significant back-test into the .78-.765 area on a weekly timeframe. At that stage there would be increased potential for a deeper move into the .765-.74 Lower-Band of Weekly Positive Channel, so I will reassess again at that stage if we get there. But I feel a long at lower levels would better suit my style of risk management and trade selection process.
However, I will remain open to developments.
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