AUDUSD – On the 4hr chart. The price punched through the 15 ema and now pushing higher. Price have also broken out of the descending channel.
Get ready to make a trade guys. Let the pair fall back to the 15 ema and once candle close with price still above the 15 ema, BUY. (Better still if we have a bullish price action signal)
If we have a candle that closes below the 15 ema, ignore this trade call.
SL below the 15 ema. Half of channel or the end of channel aka purple extreme line.
We are still in a downtrend but a strong move like this usually goes in 3 waves. This is the first wave & a correction down is a 2nd wave. We will take the 3rd wave up. After that we might see this pair resuming downtrend.
To your trading victory!