I have taken a closer look on the cross last weekend, and waiting for demand level in Australian Dollar which could be eyed by Strong buyers, But the reason I am not too much eager about the setup is that due to strong selling pressure from multi month high.
But as I have mentioned I always look for setups that give clear indication of continuation and In this pair there is one on the cards offering pullback.
In the chart, I have seen some strong reference points which holds the highs and higher highs were posted and strong liquidation which has not yet picked up momentum,but it could be a part of extended accumulation. Strong points are :-
1. Price has strong protection area mentioned by blue line
2. Price close the week on lows at demand area
3. Price holding the demand level after strong selling which could be a part of strong accumulation.
Take a look at the chart below
All the traders who trade technicals and contribute a lot and achieved a lot and have confidence that setup has strong logic and reason to enter and exit. And same thing has happened here for me, as there is no strong supply but a little one around 0.9440-50 area which was previous top and stops could be place around 0.9330 in case any whispaw that will protect the entry .
