AUDUSD – On the daily chart we see the AUDUSD still trading within its uptrend channe. Price have been going sideways for the last 4 days and characterized by 4 short candles which shows indecision between the bears and the bulls.
When I see markets behaving like this, I know that this is not the time to enter a trade. It would be better to wait for the market to make a decisive move before we take any trades.
I would be looking for a break below the bottom trendline before I would take a short trade.
I would look for a candle close above the 9 and 21 EMA before I would take a long trade.
With the current picture being as it is, I am staying aside and would stay neutral on the AUDUSD.
To your success!
FX Strategist & Pro Trader
Pro Communitate. Ad Victoriam!
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