AUDUSD#7 - Weekly Homework

[Monthly Chart]

Cloud has been good support in the monthly chart. Good chance this month will close above the cloud.


[Weekly Chart]

A brief bullish run at the end of last week didn't manage to push the price to close above the cloud, so near term uptrend is yet to be confirmed.


[Daily Chart]

Monday's movement is crucial to determine the immediate direction:

1. If it closed above the flat top of the cloud (also around EMA200), wait for retracement to long, with WTP around 0.9020, where the Big Red K is. But a reasonable SL should be last week's low, which is too big for day trade :-S Another SL option is around 0.8690, which is where Chikou might hit flat Kijun, but then...how valid is that SL?
2. If closed back into the cloud, use Chikou and flat Kijun's interaction for short entry. SL is big again, last week's high (0.8858). Another option is EMA200 (0.8762). WTP to be calculated based on wave formation.
3. Two possibilities of double-top reversal, at 0.8858 and between 0.9025 to 0.9076. Observe lower time frame candles for possible short entry.


[4-Hourly Chart]

Looking at the 4H chart, the bullish cloud is thinning, a downtrend is possible

~~