An Aussie Motion
After consultation with our mentor, I have chosen to continue with the much traded original basket of eight currency pairs.
Focus upon fewer numbers may result in the relinquishing of prime opportunities as they present themsleves.
This being said, the apprentice amongst you may wish to focus on a lesser number, so that familiarity with rules, analyses and strategies is not distorted by an array of information.
An opening noted this morning, is that of the AUD USD.
The weekly chart confirms the blanket downtrend, which knocked a prime breather level earlier this month.
Twinned with the indisputable 'bearish flag' chart pattern, we have a forceful indication of future direction.
Below is the daily chart for the same.
Following an admirable struggle and further retaliation, price finally conceded by retreating through the trend support and lining itself at the horizontal.
Note the cluster of events on display.
An ESLT of a mechanical kind will bode well for an entry opportunity.
AUDUSD daily chart Advanced Get