AUDUSD is at a significant zone as the Daily candles have just wicked on to the Monthly support line. Now a trendline does not always hold or fall on a first touch. But in support of a swift reversal, we have a possible harmonic pattern completion - a 'Bullish Deep Crab,' right around the price-contact-point of the monthly trendline support.
So this presents a nice ratio confluence zone as well as a strong trendline support, in favor of a possible reversal of the currently bearish trend.
This is a counter bias trade, hence must have a tight stoploss. The positions are to be managed aggressively. when price reaches the first target which is trendline resistance (descending target), if the trade is in profit, SL to be set at breakeven, else the trade is to be closed at whatever loss.
So this presents a nice ratio confluence zone as well as a strong trendline support, in favor of a possible reversal of the currently bearish trend.
This is a counter bias trade, hence must have a tight stoploss. The positions are to be managed aggressively. when price reaches the first target which is trendline resistance (descending target), if the trade is in profit, SL to be set at breakeven, else the trade is to be closed at whatever loss.
