AUDUSD Long or Short? – D1 Price Action – Market Commentary

Hello everyone!  I hope you had a great weekend!  I am taking a look at the AUDUSD on the daily timeframe today.

It is currently in tight consolidation, forming a triangle trend and once the break out occurs we will see one of two things….

Continuation of price or a Trend Reversal.

So, let’s take a look at the D1 chart



What I am seeing here is that price is forming a triangle trend, as stated above.  It is in tight consolidation.

Here are my thoughts:

Long entry if we see a break to the upside of 0.769914

Short entry if we see a break to the downside of 0.748844


So, where will price go once we see a break?



Upon a break of the two levels provided, we may see the following price movement:

Long – 0.78328, 0.802713, 0.823738

Short – 0.732299, 0.716614, 0.700262


Now remember, this is the daily chart we are looking at.  What does this mean?

Each candle is one day in duration

The chart above shows all the way back to December 2013

This would be a long term trade


Cheers to success and see you all in the room!

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