AUDUSD Looking closer

2 ביולי 2016

On the weekly time frame price and the CS is in now in the cloud as previously posted. Looking on the daily we see signs of strength (SOS) with volume increase after the spring in Phase C. We are seeing a significant back-up after the break of the resistance. After this has completed most likely also on the completion of the Garley Pattern the we will go into the mark up phase. We have are currently at the yearly PP and SSB. I will be looking for a short setup on the daily to trade down before looking for the big long-term markup later in the year.