AUD Squeeze

Dear Dynamic Traders,

Apologies for the absence of a blog post yesterday.

Today's post features the AUDUSD. Price is looking to break out of a squeeze and through a strong support turned resistance. In addition, not far from the support turned resistance is a Fib breather level. If the breather level holds then we may be looking at a bearish flag. MACD on the daily and the 240 is appearing to be following price action.

ESLT needs to be employed for a safe entry. However, one thing to be mindful of is divergence on lower timeframes (which would confirm the bearish flag).














Please note there are numerous news items due out tomorrow.

I wish you all Good Trading and an awesome weekend!
Bijal Shah