Good entry zone on 10-min chart of AUD/USD, really overextended to the downside for awhile. A big uptrend is coming. Looking to find support in the highlighted zone or lower trend-line and then a bounce.
Hi,
What is the rationale behind concluding that a big uptrend is coming? Past or future news or price action?
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The slope of the moving average of the 33 period 1H is showing a pattern that a reversal of at least 80+ pips is likey especially given how far we’ve fallen in the last week or so without really making a move upward. Backed by positive NAB Business Confidence release last night in Australia. Also structurally we are in a good place to find different areas of support. I will say if we do break the lower trend-line a nice continuation move down would be likely but i believe we’re to overextended to do that.
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