IS USDAUD GOING LONG?
We have seen a great move from this currency pair since September 2014, I have only been trading for the past 8 months now but I always start my analysis of a currency pair with the MONTHLY time frame. I noticed a very clear trend line and very clear higher highs and higher lows.
Currently USDAUD has come back to the trend line, so I moved down the time frames to look for an entry, interestingly enough I found some PRICE ACTION around the trend line on the WEEKLY. The first is what I call the 'TRAIN TRACK' where two bars next to each other look almost identical in body size however the chart tends to go with what the second bar is telling it, hence the green bar indicating going long. Also there is a low test bar (IF IT CLOSES LIKE THIS) which I have been using successfully for 8 months, which is another good indicator to go long.
Obviously we all know that the market doesn't give a monkeys about what we think and does what it likes but I think this would be an interesting one to watch!
Currently USDAUD has come back to the trend line, so I moved down the time frames to look for an entry, interestingly enough I found some PRICE ACTION around the trend line on the WEEKLY. The first is what I call the 'TRAIN TRACK' where two bars next to each other look almost identical in body size however the chart tends to go with what the second bar is telling it, hence the green bar indicating going long. Also there is a low test bar (IF IT CLOSES LIKE THIS) which I have been using successfully for 8 months, which is another good indicator to go long.
Obviously we all know that the market doesn't give a monkeys about what we think and does what it likes but I think this would be an interesting one to watch!
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