Potential accumulation Wyckoff schematic on AUDUSD

As you can see on the 5m chart it looks like a accumulation schematic may be playing out on this currency pair. We got what looks like a second test of the lower bounds around 9:30am this morning. I will be keeping an eye on this pair over the next day or two to see if our pattern keeps playing out.

Comment:

We may of seen our spring around 2am last night with a strong push to the upside. May be time to be looking to go long now depending on whether or not we break resistance from phase B.

Trade active:

Broken highs from earlier in the buildup so now going to start opening long positions on pullbacks

Trade closed manually:

No real movement above the highs so closing my positions and watching for now.