Just to update my post earlier this week, I am still waiting on this pair to give a trend trade with the wave. The Bollinger bands are very tight and almost flat meaning there will more than likely be a big move soon and if I had to guess, Aussie employment tomorrow night just might be the catalyst. I will be watching that number very closely. .8090 has been tested twice now and can’t hold below and with it being such a long term level, it would take something like an unemployment report to really drive down through it or help get some distance from it.
It is very tempting to want to be a counter trend trader here in hopes of a big push up through stops and catch a great move. I think the waters are primed for it. A real break of that trend line would probably give way to some of that room on the upside on that 15 min chart.
The longer term charts paint a similar picture. The pressure is down without a doubt.
If it could get movement back to my original target of .8250 I would look for a reason to sell but I just can’t sell this. It’s dangerous. Always remember, everything, at some point, must revert back towards it’s mean to reload for another move.
This may require, actually its already requiring, supreme patience. I can’t buy it in good conscience so I just have to wait…
Levels remain .8090 and .8250