Retrace to Long
Aggiornato
After watching repeatedly what's been going on this week, it wouldn't surprise me if we had another retracement to another new high.
If it did retrace, I'd look around 2.040 first, probably consolidate during AUD JPY Session like it has been for the last few days, and then break out to new highs as we get to GBP LDN Session, and another push when US Market opens, this has been a theme I've been watching for the last few days.
Seems that each market session does something similar, one consolidates, while another session pushes it up.
Do allow the market to play out when AUD JPY overlaps, and then notice how things change when GBP LDN to US acts.
You'll notice this patterns play out.
Happy Hunting.
If it did retrace, I'd look around 2.040 first, probably consolidate during AUD JPY Session like it has been for the last few days, and then break out to new highs as we get to GBP LDN Session, and another push when US Market opens, this has been a theme I've been watching for the last few days.
Seems that each market session does something similar, one consolidates, while another session pushes it up.
Do allow the market to play out when AUD JPY overlaps, and then notice how things change when GBP LDN to US acts.
You'll notice this patterns play out.
Happy Hunting.
Nota
By the way, that steep pull back that we seen a few hours after US Market opened up, we are seeing another one again before consolidation happened during AUD JPY Session.Nota
One more thing before I log off, notice where the steep drop bounces off, that is already a clue of where price should bounce off of, but don't make a move just yet, wait till the market starts trending up again before going long. I'm expecting a broken trend for retracement into consolidation to trending.Nota
Pay close attention to 2.0400 level, it will determine a lot about direction, if it holds during AUD JPY session, we will look to a Long position.If that key level breaks, then I'll update chart for Short position and direction, but allow the market to play out before making any assumptions. Don't make the mistake of direction when all other signs contradict true direction.
Nota
Just looking at current market conditions, I would not bother making any moves at the moment, this whole day into most markets has been consolidation, no clear trend has presented itself, even though the 2.0400 level held up, other than that, this could go either way being we are in a deadlock between bulls and bears
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