When I was analysing some charts to prepare to shop some currencies I stopped at this audusd daily chart.
In master Waynes lesson many of you were bearish on the aussie.
There has in fact been bearish pressure on the aussie but when I look at this chart then I personally choose to be a bull.
The stochastic cycle is crossing near the 20% level and price has not taken out the previous swing low.
You may note that the upper yellow zone attracted some bulls making price to move sideways for three days now.
Price is therefore providing higher highs and lows and staying nicely over the 50 day moving average.
MACD is also still staying over the zero level confirming in my modest opinion that the bulls on the audusd are still in charge.
When fine tunning my entry I have a look on smaller time frames and note that I prefer to wait for a retracement for price to move lower before I do my shopping.
The stochstic cycle on the 15 min chart is overbought and I want to introduce my trade when it is oversold or near the 20% level.
I wish you like always the BEST OF PIPS