FX:AUDUSD   Australian Dollar / U.S. Dollar
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Waiting for price action to give the next clue of where price will go--up or down? Currently conjested after this mornings pullback.

Looks to me like a pullback more than a reversal. Will not be a reversal until trend line is broken and or the inset blue line (starting at the red circle) violated with a close below it.

Will this once resistance level now be support?

Comments

BOOM!

Technical trading with well identified support and resistance levels do NOT lie. Nice explosion to the upside this week. This weeks move up was all set up from last weeks price action especially the price action off of the strong levels.
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Heading into weekend so closed this trade for a small 2 pip gain... not much but was expecting a stronger push back to yesterday's high. Let's see how next week plays out.
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I am waiting for a sell sign..
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I took a long off my top blue line with stops at the new LH below my bottom blue line and target 1 at yesterdays high about a 1:1 ratio ... overall I am bearish AUD but I think it may have more to go before the drop begins .... trade not looking good right now but liking the slow corrective last three 1 hour bars

Where would you short?
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Trades inside the 2 blue lines is kill zone....which way will it go. I will wait unit one of the blue lines is broken and when it comes back to test then take the entry
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so far priced has bounced nicely off the inset blue line ... but waiting for NFP to be released and settle down to give possible trade direction
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