AUD/USD tagged a major threshold in days recent, and on that it could continue to extend higher. There are a couple of near-term technical developments to watch as things progress that can help guide traders.
Joined Mar 2008
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Status: PVSRA with Traderathome
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"....comes off big support....." Really?
Or, current PA area could be where the MMs just "worked it" to in order to resume filling more SM sell orders. The activity on the way up was pitiful! You can see this on lower TF charts. No real market participation at all! Must have been a different reason for the move up than a lot of bullish participation. It was missing, which maybe says........"Buy low, sell high."
Well, we cannot ever know what the MMs will do with price next. However, the Week chart that also shows there is a Head & Shoulders pattern in-play here, gives enough reason to not rush headlong into a Bull Bias mentality. Sheep get sheared. BTW, this is the same situation EU is in. Patience and discipline.......and beware of the bias that might be cleverly caged in the "news".........