AUD 123786?

Good Day Dynamic Traders,

Hope you are enjoying the weekend. We seem to experiencing all the seasons in a day in London.

Today's chart for consideration is the Australian Dollar. Price has rallied since around the 10th of March and hit a Fib reversal area early last week. The reversal candles, RN and MACD divergence are pointing to a possible 123786 formation and price is close to the trendline. Should it break the trendline then there may be a good opportunity to capture some pips. The lower timeframes decorated with S/R/T will provide an entry point and risk level that suits the intestinal fortitude unique to each trader. Do note however, that the next reversal level coincides with strong resistance therefore price may well go to test that level before it decides to continue with the longer term trend.














Good Trading!
Bijal Shah

"Ordinary things consistently done produce extraordinary results."
Keith Cunningham

Visit our other blogs:
http://www.fxcps.co.uk/
http://www.fxcps.eu/
http://www.dynamictraderblog.com/

Follow Javid on Twitter
Follow Anne on Twitter