Simple Trade Set-Up

Wait for price to tag 78.6% fib retracement and enter long position. Stop loss is very tight but reweard is more then 1:4 .. Or there is other trade approach, wait for a break out from correction which is conservative trade strategy with wider stop loss and smaller reward..

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Structure. Price still in correction. Break out is possible in both dierctions.

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It seems everybody who tought that AUD will aprreciate were wrong, including myself. Price ended corrective pattern and its now in long term bearish trend.

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The importance of looking higher timeframes. On Daily chart we can see very strong RSI divergence and big rejection on bullish candle. This was great indication that trend is about to reverse.

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New short opportunity.

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KaBoom...

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Long opportunity.

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Change of the structure.

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Price forming descending channel. New short opportunity after break of corrective trend line.