AUDUSD

From the point of view of the day chart, we are now in a bull trend.

Using my proprietary indicators, what do we see?

Looking at my proprietary BullBearButterfly indicator

(BullBearButterfly – Bull==Long, Bear==Short, Butterfly== like a butterfly, you cannot have any certainty about direction – also can be considered a ranging situation) 

we can see a move from Bear into Butterfly on February 4th, and a transition to Bull the 24 March.

Examining in more detail

We can see where we went Long on 24th March, and have seen a retracement on 1 April setting up the perfect bull flag which activated on the 8 April. We are now either in a long sloping bull flag or a head and shoulders.

The candle of the 2 May gave an impulse towards the resumption of a bull trend, which, if it follows through, could mean the potential bull flag which started on the 15th April will break out.

If it does, you dont want to miss it as it could move 330-350 pips.. (over the next three weeks or so) target 9630.

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