Potential to trade the bullish AUDUSD major pair should price break the indecision doji candle positioned on the 50% Fibonacci area of value following a recent period of retracement. Possible 1:3 risk to reward ratio should price reach the 100% Fibonacci extension level.
Suspected change in sentiment from bearish to bullish following consolidation, break of prior high and engulfing candle. Take profit sitting just above 100% Fibonacci extension achieves potential 1:3 RRR.
Trend continuation following period of retracement, large engulfing candle does not provide sufficient risk to reward ratio 1:3 hence open if price retraces to 50% of the engulfing candle. Take profit is 162% Fibonacci extension.
I've given out some analysis on the AUD before, explaining how the AUD is really strong and the banks are very happy at where it's currently stationed with supply & demand zones all across the price levels 0.70-0.80 within AUD/USD - Right now AUD/USD is at a significant event area, it seems to be following the drop and reverse ratio perfectly.
The price is...