newbies shd take caution on this setup as it gapped down. it might just behave like aussie as posted last week before going our way.
DAILY: Price is trading in a triangle. now retested the trendline at resistance turned support and fib 38.2/50.0/61.8 retracement convergence. we are expecting the bearish drive to contine but we need to watch price action at 5288 for some reaction.
4hr: Price is about breaking the bullish trendline, it needs to break the low for us to be convinced of the expected bearish move. once those are broken, then we should be bracing for nice bearish move
1hr: possible long trade is coming up at the said level 1.5290 based on an emerging bullish butterfly pattern with the follwoing convergence
1. key level
2. 1.618 fib extension of AB
3. 1.27 fib extension of XA
aggressive: entry ar 1.5290 : Stop 1.5240
conservative: look for CF and place stop 10pips below its low
stop be moved to break-even at 1.5350
Target 1.5430
