FX CHART OF THE DAY: AUDUSD UPWARD MOVE PROBABILITY
AUDUSD is trading at the relevant highs above (but close to) upper 1st standard deviation from weekly (120-hour mean) -- which is a border of potential uptrend. However volatility is still compressing (measured by 3.2 standard deviations from weekly mean), thus risk of mean revertion downward is still there.
Traders can pick longs close to the relevant highs (0.7420), but stop should be placed near - below relevant highs at 0.7395 (price can fall further to the mean if lows taken out amid compressing volatility)
Traders can pick longs close to the relevant highs (0.7420), but stop should be placed near - below relevant highs at 0.7395 (price can fall further to the mean if lows taken out amid compressing volatility)