Contrarian trade idea... AU is still not exhibiting impulsive price action in my opinion, so I think this correction still needs one more move down before it goes up... I am assuming this is still wave 4 within either a much larger move up or a wave C correction... who knows, but what i do see with more confidence is that there technically should be one more move down before more up IF I am right and this recent little up move is corrective PA.
Note also the 4hr stochastics is overbought and turning over - warning... although, a bull run can mean overbought for ages, I am questioning this little bull here...
I'm flat this pair because I'm still confused, but if I was already long (bravo if you are) then I would defo move my stop up! Shorts... may be able to get a short term pounce on this move down if it happens... alternatively stay out and get long somewhere between 0.928-0.93 ish depending on PA.
Note also the 4hr stochastics is overbought and turning over - warning... although, a bull run can mean overbought for ages, I am questioning this little bull here...
I'm flat this pair because I'm still confused, but if I was already long (bravo if you are) then I would defo move my stop up! Shorts... may be able to get a short term pounce on this move down if it happens... alternatively stay out and get long somewhere between 0.928-0.93 ish depending on PA.