Looking for short positions on AUDUSD this session due to last weeks strong bearish move. If 38.2 fib holds we retest the bottom and monthly trendline at approximately 0.733000-0.735000.
Scenario 1: We go and retest 38.2 fib, get a good bounce and continue downward to test the trendline where I would be looking for long positions.
Scenario 2: We break 38.2 fib and continue to test upper levels with upward momentum.
Scenario 3: We drop immediately to test the bottom and trendline, then gain bullish power as instituionalised buyers come in.
We can expect great movement due to heavy USD news this week, choppiness of the pair is expected, trade carefully.
Watch the news boys.
Scenario 1: We go and retest 38.2 fib, get a good bounce and continue downward to test the trendline where I would be looking for long positions.
Scenario 2: We break 38.2 fib and continue to test upper levels with upward momentum.
Scenario 3: We drop immediately to test the bottom and trendline, then gain bullish power as instituionalised buyers come in.
We can expect great movement due to heavy USD news this week, choppiness of the pair is expected, trade carefully.
Watch the news boys.
Comment:
Scenario 3 is confirmed.