AUDUSD has retraced more than 61.8 percent of its gains since 23rd and now back to a near key support level around 0.72219.
DXY has rallied to near over bought levels on lower time frames RSI, so I expect it to have a brief pause.
AUDUSD reached to oversold levels on all LTF, and also near the key support which got bounced slightly showing a bit of buying demand, so I entered my buy and now await the result.
NOTE: It's current moves looks like consolidation around the support area, so it will either break further down, or get enough strength to sprint up.
Entry: 0.72292 or lower, but breaking 0.7220 invalidates my analysis
SL: 0.72188
TP: fib based. Immediate target 0.72473 then trail to 0.72829
Expected Pips: 20-50 pips
Expected Timeline: max 1 day
DXY has rallied to near over bought levels on lower time frames RSI, so I expect it to have a brief pause.
AUDUSD reached to oversold levels on all LTF, and also near the key support which got bounced slightly showing a bit of buying demand, so I entered my buy and now await the result.
NOTE: It's current moves looks like consolidation around the support area, so it will either break further down, or get enough strength to sprint up.
Entry: 0.72292 or lower, but breaking 0.7220 invalidates my analysis
SL: 0.72188
TP: fib based. Immediate target 0.72473 then trail to 0.72829
Expected Pips: 20-50 pips
Expected Timeline: max 1 day
