Swing Trade continuation on AUDUSD

May 8, 2020

Due to the struggle between the Bulls and Bears in an effort to break the 0.65000 and 0.66000 level, we should look for great opprotunities to take 50 to 100 pip swing trades.
Although the overall trend is suggesting down, the Bulls have just as much power and control of this major pair. Look for the correlating factors on NZDUSD and USDCAD.
When USDCAD is bearish, AUDUSD will continue to be bullish. When NZDUSD is bullish, AUDUSD will be bullish. Both negative and postive correlation.
Reflection of the Queen of England still being in control of both of these currencies as their bills bear her face for the most part.
Be very cautious trading this pair due to the extreme liquidity on both sides of the market. Its a complete mess.

May 8, 2020

Note

This pair should see some retracement at the 3 key areas identified at the top of the chart. I would sell on the bounce of those key areas, take profit at 20 to 30 pips, and wait for a re entry. This pair traced 20 to 30 pips up and down all day today. Meaning, you could have taken the same trade at least 5 times, re entered at the same location and made the same exact profit, over and over again. Overall, I am no longer bullish or bearish on this pair.