I think smart money is taking AUD for a ride down before letting it follow its course up
looks like an elliot wave
but I do think that AUD is way over sold
You use RSI? I used to use that for one of my indicators, but I learned through some testing that it’s unreliable. If it works for you though then continue to use it. Sometimes pairs would be wayyy oversold or overbought according to the RSI, but then the pair would continue LOL so I just left it alone
and I’m a day trader, so i just try to find a great setup where I can grab a nice 15-30 pips per trade , and get the hell out! if I can do that everyday them I’m good
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I do not use RSI
I see the monthly chart and this one looks way down for a big economy like Australia
Your correct AUD was way oversold to begin with due to trade issues mainly and underwhelming numbers. As soon as it’s resolved AUD will definitely move up against a lot of other currencies.
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