Let's review the AUDUSD. We had a high of 0.7317 on monday 13th and we see a divergence on MACD that was looking good. Four trading days pass and we see a huge retracement of price, reaching 0.6972 as low (closing price) of retracement. I don't like to make unreal pips counts and discourage people that do this, but that's an incredible change of 345 pips.
That make me realize that divergence on MACD works!
Now we are in a consolidation phase, I think. Price went up again till 0.7236 and then retraced again generating a indecision bar on tuesday. Stochastics is pointing down but to me it seems that is still in an uptrend, so I'm not discarding my targets of 0.7576/91
Time will tell.
An alternative scenario would be a retracement to 0.6800 zone but (again... to me!) it's not probable. Price has tested a previous support zone around 0.7000 and couln't go through, so the uptrend is more than likely to happen.
Tomorrow I will post a GBPUSD review and right now, the USDJPY seems so nice to me to enter long, but I'm going to wait. Maybe tomorrow I'll post an analysis of this chart.
