Strong S/r levels to consider in month of August : AUDUSD
Today we will be analysing Monthly close in various charts which are @ strong s/r zone on higher time frame to understand what can we expect from August in low volume trading.
Starting with AUDUSD , we can see that it is again testing strong levels which it has tried breaking in Oct 2008 , but without any success and price has rallied towards up after choppy consolidation.
In weekly we can see that price is at the end of Triangle pattern and breakout is expected in coming weeks , now if we see bullish breakout , then we will be more than happy to long pair , but in case of bearish breakout from past experience we know that the zone has been choppy , so no swing short is suggested , rather intraday scalping would be good option..
Starting with AUDUSD , we can see that it is again testing strong levels which it has tried breaking in Oct 2008 , but without any success and price has rallied towards up after choppy consolidation.
In weekly we can see that price is at the end of Triangle pattern and breakout is expected in coming weeks , now if we see bullish breakout , then we will be more than happy to long pair , but in case of bearish breakout from past experience we know that the zone has been choppy , so no swing short is suggested , rather intraday scalping would be good option..