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Forex Trade Setups Oct. 18th
AUDUSD – Setting Up a Possible TKx Signal
After an impressive run from .9400 – 1.0375 over the last 13 days, the AUDUSD got hammered over 32hrs shedding 250pips and selling off 28 of those 32hrs. But the pair has bounced back strongly over the last 8hrs regaining 130 of them back with some strong price action off the bounce.
The Tenkan-Sen is poised below the Kijun-Sen right now with both moving flat suggesting the pair is awaiting its next move but it is possible with another attack at the previous swing highs, we could see an upward TKx signal which may suggest another run to the upside. Bulls should watch out for this signal as a primer another up-leg is starting while bears can watch the 1.0100 figure for a breakdown as any 4hr close below here suggests further losses likely approaching the Kumo which is nicely positioned at parity. As long as this level holds, then we expect the pair to remain bullish for about another 4 days before it starts to turn.
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