AUDUSD
We've got a fair amount of Longs in place right now. One of them that is being planned and has been moving well is $FX:AUDUSD. Following SMC, here is the rationale:
1) General Trend: On Weekly and Daily TF, I see a weak bullish trend taking place and continuation of trend for now. Volume has also picked up significantly over the last 3 weeks meaning we have the sparks for our fire.
2) On lower TF: I see a slight drop in volume and in movement so, I am expecting for Price Action to cause a break of structure into a higher region, creating higher highs before clearing buy side liquidity at the imbalances at the lower areas.
3) Prospect: Upon checking criterions of BOS and clearance of imbalances, I expecting movement into higher highs and higher lows.
Here at the details:
Long
AUDUSD
Limit: 0.6726
SL: 0.6697
Profit Structure will be updated upon entry.
Trade active:
Trade isn't close yet, we are watching the situation but for now, the technicals have changed.