PRICE OF AUDUSD WAS CONSOLIDATING IN-BETWEEN A WEDGE PATTERN OR QUITE SOME TIME. WE HAD A FAKEOUT TO THE UPSIDE OF THE WEDGE BUT CAME BACK IN WITH A STRONG BEARISH ENGULFING AT THE MONTHLY RES 0.7750. MA'S CROSSED OVER TO THE DOWNSIDE AND PRICE FOLLOWED, BRAKING OUT OF THE WEDGE TO THE DOWNSIDE. PRICE RETESTED THE ASCENDING TREND LINE BEFORE CONTINUING FURTHER TO THE DOWNSIDE.
PRICE WAS DUE A RETRACEMENT. LAST WEEKS CANDLE FAILED TO BREAK THE MONTHLY RESISTANCE AT 0.7450. PRICE IS CURRENTLY AROUND A STRONG CONFLUENCE AREA TO CONTINUE TO THE DOWNSIDE PROVIDING NICE SHORT OPPORTUNITIES.
1) PRICE CURRENTLY IN THE C LEG OF THE ABCD FIBONACCI SEQUENCE HAS REACHED THE 38.2% RESISTANCE.
2) PRICE IS RETESTING DAILY RESISTANCE (PINK LINE) @ 0.7500.
3) PRICE IS RESTING THE ASCENDING DOTTED TREND LINE RESISTANCE.
4) ON A WEEKLY PERSPECTIVE PRICE IS LIKELY NOT TO BREAK ABOVE AND BY THE END OF THE WEEK (FRIDAY 2ND OF DECEMBER) PRICE WILL LIKELY BE BELOW THE MONTHLY RESISTANCE @ 0.7450.
SHORTS WILL BE TAKEN WHEN AN OPPORTUNITY ARRISES ON THE SMALL TIME FRAMES (4HR/2HR)
TARGETS: D1 0.7185 (-27% FIB)
: D2 MONTHLY SUPP: 0.7150 (CONFLUENCE WITH TREND LINE BREAK RULES)
PRICE WAS DUE A RETRACEMENT. LAST WEEKS CANDLE FAILED TO BREAK THE MONTHLY RESISTANCE AT 0.7450. PRICE IS CURRENTLY AROUND A STRONG CONFLUENCE AREA TO CONTINUE TO THE DOWNSIDE PROVIDING NICE SHORT OPPORTUNITIES.
1) PRICE CURRENTLY IN THE C LEG OF THE ABCD FIBONACCI SEQUENCE HAS REACHED THE 38.2% RESISTANCE.
2) PRICE IS RETESTING DAILY RESISTANCE (PINK LINE) @ 0.7500.
3) PRICE IS RESTING THE ASCENDING DOTTED TREND LINE RESISTANCE.
4) ON A WEEKLY PERSPECTIVE PRICE IS LIKELY NOT TO BREAK ABOVE AND BY THE END OF THE WEEK (FRIDAY 2ND OF DECEMBER) PRICE WILL LIKELY BE BELOW THE MONTHLY RESISTANCE @ 0.7450.
SHORTS WILL BE TAKEN WHEN AN OPPORTUNITY ARRISES ON THE SMALL TIME FRAMES (4HR/2HR)
TARGETS: D1 0.7185 (-27% FIB)
: D2 MONTHLY SUPP: 0.7150 (CONFLUENCE WITH TREND LINE BREAK RULES)