Hello Traders,
Here is the Top-Down Analysis of AUDUSD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 41 - 05 Oct
M > Price faced rejection at monthly resistance and has dropped since then. We saw W formation and expected price to drop till the neck which price did and completed the formation.
W > We saw M formation now and price moved up to complete formation.
D > Price has tested neck of M and has shown loss of momentum and reversal color candle. We can see bottom wick and expect price to drop till weekly demand zone.
As per COT AUD saw closure of major Long and addition of few Short positions, reducing net positions, N-R saw closure of both Long and Short positions and Commercials saw addition of Long and closure of Short. AXY was weak for the said week however it improved its position last week.
4H> Price has broken the trend with break of last LH and creating of LL, we expect price to drop till weekly demand zone.
Pair Correlation > AUDUSD has positive correlation with AUDJPY, AUDCHF, NZDJPY, NZDUSD, AUDCAD and EURUSD and negative correlation with USDCAD and 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 you can share your view and ask questions.
Thank You
AP17FX
Here is the Top-Down Analysis of AUDUSD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 41 - 05 Oct
M > Price faced rejection at monthly resistance and has dropped since then. We saw W formation and expected price to drop till the neck which price did and completed the formation.
W > We saw M formation now and price moved up to complete formation.
D > Price has tested neck of M and has shown loss of momentum and reversal color candle. We can see bottom wick and expect price to drop till weekly demand zone.
As per COT AUD saw closure of major Long and addition of few Short positions, reducing net positions, N-R saw closure of both Long and Short positions and Commercials saw addition of Long and closure of Short. AXY was weak for the said week however it improved its position last week.
4H> Price has broken the trend with break of last LH and creating of LL, we expect price to drop till weekly demand zone.
Pair Correlation > AUDUSD has positive correlation with AUDJPY, AUDCHF, NZDJPY, NZDUSD, AUDCAD and EURUSD and negative correlation with USDCAD and 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 you can share your view and ask questions.
Thank You
AP17FX