AUDUSD has been drifting, consolidating sideways for a week or so now, waiting for break to upside or downside but favour a downward break for a trade.
Weekly:
- Possible evening star forming on weekly, PA is at key resistance level.
Daily:
- PA has been consolidating and formed a triangle, PA could break up or down 50/50 given how many bars are inside price structure.
8HR:
- PA has honoured a long term bullish trend line
Trade Plan:
Wait for bullish or bearish break of the key levels and enter on re-test, use 4HR or 8HR for better confirmation.
Weekly:
- Possible evening star forming on weekly, PA is at key resistance level.
Daily:
- PA has been consolidating and formed a triangle, PA could break up or down 50/50 given how many bars are inside price structure.
8HR:
- PA has honoured a long term bullish trend line
Trade Plan:
Wait for bullish or bearish break of the key levels and enter on re-test, use 4HR or 8HR for better confirmation.