AUDUSD - Trade Idea 9th July 2017

AUDUSD Trade idea for this week...

From the Monthly Timeframe can see the overall trend has been bullish for AUDUSD over the past 17 odd years.

Recently price has been consolidating unable to break the 0.7800 resistance, but it has been forming an ascending triangle pattern.

Weekly we can see the ascending triangle pattern closer and price forming a higher low of it's own before falling back and finding support around 0.758 level.

Daily has shown price breaking back above the EMA's with a crossover, but over recent day's it's reversed which looks like a natural pullback to value around the EMA's but it has surpassed the 50 and 618% Fib Levels.

Price has decellerated around this level and is showing signs of hitting support for a continuation but it could pull back further to the 20-50EMA zone before continuing up.

I have placed an order around the 50% Fib zone and Friday's high, depending on action on that day and the next candle if order isn't hit I'll adjust.

From a shorter term perspective, price has broken out of a descending trendline and EMA's are crossing over with price holding above the 20 & 50EMA. Price hasn't really retraced and decelleration is occurring so price could fallback to trendline for a test and continuation up.

If price breaks above the 20EMA on the Hourly, we could see my order entry triggered and the trend to continue.