Given it's end of month...it's time to turn our attention to the long term monthly price chart.
Yes, there is an upside looming around, clearly with a MACD divergence in formation.
However, the upside swing, I believe, isn't ready as
the shorter time frames periods continue to break thru their support levels.
An A, B, C pattern clearly has the AUD 0.6475 =61.8% fib level.
Only when this support level is completed will we see the begining of an upside swing.
Yes, there is an upside looming around, clearly with a MACD divergence in formation.
However, the upside swing, I believe, isn't ready as
the shorter time frames periods continue to break thru their support levels.
An A, B, C pattern clearly has the AUD 0.6475 =61.8% fib level.
Only when this support level is completed will we see the begining of an upside swing.
Trade closed: target reached:
Now that we're into the start of a new month, we see monthly 61.8% support making contact & holding so far. More importantly however, a clear divergence on the MACD coinciding with 61.8% level.
Time for LONG positions, but be careful of the whipsaws - watch towards the smaller time frames for oversold conditions in order to maximise your profits.
Time for LONG positions, but be careful of the whipsaws - watch towards the smaller time frames for oversold conditions in order to maximise your profits.