I'm still short term bearish on this pair. Next week's calendar don't have a lot of high impact AUD and USD news, so I expect price to move upward around my area of interest and short there when I see a good bearish candle.
My view of the current price action and where I expect price to continue going downwards. I think the bears still got this one unless there is a strong move by the bulls leading up to my area of entry.
I see price going to my "area of entry" with 2 bullish candles now, I may refrain from entering short if these candles remain bullish on the way up. It will indicate bullish momentum. However, if the bears fight the bulls going to that area and in that area, I will take that short when a good bearish candle is formed.
I have marked the potential area in the chart for where I would look for a long trade. It doesn't mean I would take a long as soon as price go there, I would look at price action leading to that area and how strong the bears are fighting around there. A good bullish candle around the area would be a sign of bullish momentum.
This is the first stock analysis I have done in a long time since trading stocks locally (Philippine Stock Exchange). I may post analysis of other stocks when I see some setups.
I am bearish on this pair for the medium term. I expect price to go lower around 146.6ish area. When I see a good rotation candle around my "Area of Entry" I will sell there and put SL and TP1 and TP2 as marked on the chart.
I will watch how price go up to my "Area of Entry" and see if bulls are going strong or still struggling to get there. I will wait and see...
What I see in that rectangle area I have marked is that bears are exhausted and bulls are coming in soon. I have marked the potential entry point and when I see a nice bullish rotation candle around that area, I will put a buy order with SL at swing low with TP1 and TP2 for a 1:1-2 RR.
I will be waiting for a rotation candle around the red area I have marked. If I see a candle there that has strong bearish move then I will sell there, put a stop above swing high with TP1 and TP2 indicated. Based on reading the candlesticks around red area and blue area, my expectation is short term bear.
Circled bars indicate bulls and bears fighting it out, at first circle price went down but on the 2nd and 3rd circles the bulls are pushing price higher. So I am currently short term bullish on this pair. I have marked my potential entry point at support rectangle area and potential TPs at initial TP and Final TP.
I will however wait for confirmation candles...
