Hello Traders,
Here is the Top-Down Analysis of AUDUSD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 48 - Nov 23
M > Price faced rejection at monthly resistance and dropped for correction, we expected correction to be near 0.382 Fib level on last monthly bullish impulse however price dropped till monthly resistance now turned supported and moved to the upside.
W > Price dropped till 0.618 Fib level on weekly bullish impulse for correction. Price has dropped and tested this level 5 times since September but unable to break it.
D > Price has faced rejection at weekly resistance level and we can expect a drop. We can see a W formation and its neck can be our first target.
As per COT AUD saw further closure of Long and closure of Short, reducing net positions (now in -ve). We can see closure of Long and addition of Short in last couple of months, making net positions move from 16K to -08K. AXY weakened during the said period but recovered slightly last week.
4H> We can see trend reversal to bearish with price creating LH and LL and it has now returned back to test previous resistance as support.
Pair Correlation > AUDUSD has positive correlation with AUDJPY, AUDCHF and NZDJPY and negative correlation with EURAUD.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX
Here is the Top-Down Analysis of AUDUSD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 48 - Nov 23
M > Price faced rejection at monthly resistance and dropped for correction, we expected correction to be near 0.382 Fib level on last monthly bullish impulse however price dropped till monthly resistance now turned supported and moved to the upside.
W > Price dropped till 0.618 Fib level on weekly bullish impulse for correction. Price has dropped and tested this level 5 times since September but unable to break it.
D > Price has faced rejection at weekly resistance level and we can expect a drop. We can see a W formation and its neck can be our first target.
As per COT AUD saw further closure of Long and closure of Short, reducing net positions (now in -ve). We can see closure of Long and addition of Short in last couple of months, making net positions move from 16K to -08K. AXY weakened during the said period but recovered slightly last week.
4H> We can see trend reversal to bearish with price creating LH and LL and it has now returned back to test previous resistance as support.
Pair Correlation > AUDUSD has positive correlation with AUDJPY, AUDCHF and NZDJPY and negative correlation with EURAUD.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX