Potential long option on AUDUSD
, markets reaching HTF support and major key level, break from smaller TF trend and trend change confirmation from the retest of the 1hr 50 EMA
. Short term long back up to retest our 4hr resistance level
. Overall direction was short on higher time frames however now we have consolidated around the major support and rejected we have trend change bias. Only small (predictable) fundamentals for USD today and none for AUD, so a clear pathway for AUD to make some headway before tomorrows high impact
USD fundamentals which could likely cause a pull back on smaller timeframes, or give AUD additional momentum to the upside, depending on the outcome of the fundamentals. Stop are in place to cover any unpredictable events.