AUDUSD Long update
Price opened high during the New Zealand open.
The following are two plans that I am waiting to unfold to take the trade.
1. Price breaks up and closes through the downward sloping resistance line in the wedge.
Then when the hourly candle retests this area I will take the trade long.
2. Price heads down to the bottom of the wedge to retest the lows and fulfil the 127% extension fib of the last move and we take the trade. This trade is more unlikely to work as price may head back down to test it's daily lows.
The following are two plans that I am waiting to unfold to take the trade.
1. Price breaks up and closes through the downward sloping resistance line in the wedge.
Then when the hourly candle retests this area I will take the trade long.
2. Price heads down to the bottom of the wedge to retest the lows and fulfil the 127% extension fib of the last move and we take the trade. This trade is more unlikely to work as price may head back down to test it's daily lows.
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