The trend line has been respected since the 23rd of November 2016. I will set my order when it touches the trend line but ONLY if it doesn't break it but respects it. I will then leave my order and hold it till around the 87.500 levels.
My view on this pair is a short in the long term but for now I am expecting two ways, If the trend line is respected, I will set a buy till it hits my target of 0.79960 levels. I will then wait for a short if doesn't breakthrough the 0.77100 levels.
AUDUSD long scalp
Daily momentum up
1H momentum up
Strong Resistance level break + pullback test (support now)
Daily pivot point rejection
Pin bar + closing above high momentum advance
50% Fib Retracement
Strong rally to previous Supprot/Resistance
Strong pin bar + closing below bar`s low.
Trend line rejection
Daily pivot R1 rejection
61.8% Fib retracement
15m momentum down
Taking profit at 50% retracement level of the rally
We do not like to take un-calculated risks. The analysis really speaks for itself. However, we can possibly see a retest of the broken trendline (red trendline) and a continuation to the upside where we have our Daily/Weekly resistance zone. We can take short position from that position to our downside target of 0.7600 then 0.7545 around 180-210 pips. We can also...
A potential 1000 pips opportunity if the market exceeds the current resistance of 0.77017 and then retest the area as a support. This area of support and resistance has being active since the crash of 2008. Check how the market reacted to the zone during the crash.