With AUDUSD being in a strong bullish uptrend since the start of 2016 we are only looking to play this pair to the upside. In order for us to get a signal to go long on this pair we will need to see price action break above and close above the current trend-line resistance on the hourly chart with confluence from our price action forecasting algorithm predicting a move higher with a percentage of 85% or higher. In addition, we would also like to see the retail sentiment move to -1.50% or more as it is currently sitting at -1.48%. If all three of these conditions come into play we will get a very probably opportunity to go long on AUDUSD so make sure you are following for updates.
The current prediction of our algorithm is a strong move to the upside once it breaks out of the trend-line resistance, which can be seen in the image linked below, but it is only giving off a 47% chance of this move happening so we are not holding too much weight in it. Since we are on the hourly chart our algorithm will update and potentially give us a new forecasting prediction every hour on the hour. Therefore, with that being said, we will monitor this set up and announce if we are taking the position long.
It will likely be under the most recent swing low. Remember this is still a potential signal we will update if it turns into an executed trade, so make sure you are following to receive the updates.
SkyrEk
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Thanks mate!
waterman
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Welcome back ! dude . Whole of last week you were absent !!!