AUDUSD - Continued bullishness on the hourly time frames

17 thg 5, 2018

Although today's price action didn't produce the convincingly bullish strength I was hoping we would see, it is still hanging on there. While on the daily charts there is a bearish pinbar, it has a few things going against it. For one it formed above a support line, which is hardly a bearish sign (and in some cases can actually be bullish). Also you don't get the entire picture until you go to the smaller time frame charts. In the 2 hour charts you can see that there was actually a nice quality bullish pin bar that has some good things going for it: it is decently sized, it formed on very large volume, and it formed off of the important 0.382 and 0.5 fibo retracement levels as well as the very important 0.7500 critical price level.

I'm certainly not ready to stick a fork in this trade but will be prudently watching and managing my position.