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Waiting For The AUDUSD To Retrace Into Support For Buy Opportunity

(click to enlarge)waiting to buy audusdClick to enlarge

The AUDUSD is no doubt a buyers market at the moment, producing very nice, quality, stable up trending price action. When markets are trending like this, it's important to take advantage of everyone good opportunity, because it's these conditions where good returns can be made.

We've recently just seen the uptrend intensify and push up into higher highs, breaking through a critical resistance level. We're waiting for momentums of weakness to present buying opportunities on counter trend pull backs now. In other words we're looking to "buy the dips".

AUDUSD looks like it's heading down to retest the breakout level (the old resistance), but I am skeptical about buying here. I would like to see a deeper retracement into the mean value and see a bullish price action signal form off the previous level. The deeper the retracement, the better price we can position into the trend.