Now this is one that I have had my eye on for quite sometime and we are days away now from it happening. I will be looking for price to make the area of resistance into support off the trend line as well as the 78.6% fib retracement. This will be a swing trade that will be held for quite sometime as AU isn't known for its speed
Commentaire:
So looking at past market each time in between our trend touches we have had moments like this where price almost makes it to our trend line and then goes and moves up. I believe this is what we are seeing here as on lower time frames we have just extreme break out moves. I will now begin to look for an entry to ride it up.