AUDUSD - Planning to BUY? Definitely NOT A GOOD IDEA!
AUDUSDYes, it is following the trend but we have 3 possible scenarios in this pair.
1. It's gonna touch the higher resistance that would end up forming an ascending channel which is GOOD IF YOU DID RISK IN BUYING.
2. It's just gonna touch the lower resistance line, ending up in forming ascending wedge which is a great sign for possible reversal.
3. It's gonna break the support line and take advantage on SELLING instead of buying.
Conclusion:
If you are planning to LONG on this pair, I will definitely do not recommend it. It's too risky! You're lucky if it will end up forming an ascending channel and profit a little. But definitely not worth of the risk.
It is too risky because it could potentially form an ascending wedge INSIDE the ascending channel which is definitely a strong indicator for possible reversal.
Suggestion:
1. Instead of LONG, just wait if it will break the support and SELL then take advantage of a bigger profit. Patience is the name of the game.
2. Ignore this pair for now, and try to look for better opportunities in other pairs. I am sure you will find one.
HAPPY TRADING! :)
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