The AUDUSD downtrend channel was broken and now the price went to a consolidation area.
The 200 EMA being broken on 1H confirms the same thing.
The consolidation area has two touches on the support and two on the resistance.
I'm waiting for the consolidation area to be broken as the resistance of the consolidation area is a key area that has been support turned to resistance multiple times.
Once that area has been broken, I'm waiting for it to be retested as support and a strong bullish candle should signal a long entry.
TP target should be the next key area at around 0.66050.
SL should be a couple of pips underneath the consolidation's resistance area.
The 200 EMA being broken on 1H confirms the same thing.
The consolidation area has two touches on the support and two on the resistance.
I'm waiting for the consolidation area to be broken as the resistance of the consolidation area is a key area that has been support turned to resistance multiple times.
Once that area has been broken, I'm waiting for it to be retested as support and a strong bullish candle should signal a long entry.
TP target should be the next key area at around 0.66050.
SL should be a couple of pips underneath the consolidation's resistance area.