Wait for price action to test 64.0.
Non-Commercial Traders have been dumping the Aussie Dollar for over a week. Price action is testing the bottom of this 4 Hour Chop Block. Yet, the pair is still relatively neutral. Breaking 64.0 will be a major move and a possible indication of long-term direction.
The entire move is a near .886 of the March 9 High 64.7. However, falls short and is more of a .782 sloppy corrective pattern. That doesn't indicate strong momentum downward. However , doesn't justify changing long-term trend.
As Non-Commercial traders dump this pair, it could in fact continue the pair into its overall bias. Breaking 64.0 opens the door to 63.9 and 63.5.
Non-Commercial Traders have been dumping the Aussie Dollar for over a week. Price action is testing the bottom of this 4 Hour Chop Block. Yet, the pair is still relatively neutral. Breaking 64.0 will be a major move and a possible indication of long-term direction.
The entire move is a near .886 of the March 9 High 64.7. However, falls short and is more of a .782 sloppy corrective pattern. That doesn't indicate strong momentum downward. However , doesn't justify changing long-term trend.
As Non-Commercial traders dump this pair, it could in fact continue the pair into its overall bias. Breaking 64.0 opens the door to 63.9 and 63.5.