Long term analysis for AUDUSD is Uptrend in general.
However there are always opportunities to go LONG and SHORT based on different time frame considerations.
Found a nice Bearish Bat on H4 on this pair and it is completing soon at Point D (0.68690). Different approach to this trade (Stop loss as required):
1) Short at Point D but note that there are basing action prior to D completion. Aim for TP1 full exit or partial exit and set SL to breakeven to protect the position. Full exit at TP2.
2) Let the pattern complete at D, look for bearish candle and sell the pull back.
3) Do nothing and let the price play out since this Bat formation may fail which create a buy opportunity (a strategy that I had personally tested out numerous times)
Ultimately I am looking to buy at the area if Price gets there... so shorting it down is just an alternative for traders who are looking for more trade opportunities.
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