Despite bad China data on Saturday, it actually comes as an opportune moment because it gives AUD/USD a chance to retrace a bit on this bull move. I've drawn an inverted head and shoulder pattern to indicate a possible long term directional change.
Wait for price to retrace to the 50% fib level (0.900X) or 61.8% fib level + trend line test (0.898X) for a possible long entry.
Consider exiting if price manages to close below the trend line.
Target: Low 0.91XX region (previous swing high)
Update: Considering price did not test the trend line yet, I'd say this trade still has a shot to fill there. However, price looks to have bounced off of the 50% fib level so far and I've already filled 30% of my long position at 0.9015. Anyone else get a position?
Wait for price to retrace to the 50% fib level (0.900X) or 61.8% fib level + trend line test (0.898X) for a possible long entry.
Consider exiting if price manages to close below the trend line.
Target: Low 0.91XX region (previous swing high)
Update: Considering price did not test the trend line yet, I'd say this trade still has a shot to fill there. However, price looks to have bounced off of the 50% fib level so far and I've already filled 30% of my long position at 0.9015. Anyone else get a position?