LONG - HORIZONTAL REJECTION AREA - TP 0.77329

This 0.75700-0.76000 area is a supply zone aswell as support for months now. The 1.0 FIB has been touched before and shot up, however not really this time, so a drawdown is expected, but a weak dollar will most likely easily shoot the price to the next fib zone.
Furthermore, the daily uptrend, trundline is causing major consolidation which in turn, most probably will cause a reversal back to the resistance of 0.77/0.78

Comment:

1.0 FIB has hit and its reacted in a 10 pip sharp rise. Next 48 hours will decide the overall direction

Comment:

Another nice 25 pip rejection from the 75600's. Reacted nicely off the 1.0 FIB

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Played out just as expected. After a few more 10 20 pips, a retracement is expected maybe back to 75900's, before we go higher

Comment:

Beautiful play the plastic 48 hours. Strong DXY still manages to maintain a uptrend in the AUD/USD which shows clear strength.
What I'm looking for next. The 0.76300 line is a minor resistance level that I'm looking for a break above at. Once that occurs this will add another confirmation for a reversal back to 0.77/0.78.

Comment:

Past*