A lot going on here with the Aussie dying this week.
We have a trend line, dating back to the March crash.
Then we have a zone of consolidation between the daily support and resistance.
All depends what holds, the short term 61.8% or whether we go to revisit the long term swing 61.8%.
Given how extended the markets are, I'd fancy shorts all day here!
Third touch of the trendline
Fib golden pocket (61.8 - 71%)
Fib time zone (1.5 - 2)
Should see a nice short happening (intraday idea)
1. This profile is for educational purposes ONLY!
2. The setups given are my own perspective of the forex market and by no means require action!
3. Trading involves risk, past profits do not guarantee future...
The rise of audusd temporarily ceased due to MPP (P) 0.74689 and WePP (R1) 0.74786.
If it invert from here and attack YPP (S1) 0.72900, expectations for downtrend increase.
However, the penetration to YPP (S1) remains as difficult as the previous idea.
Most recently I will consider transactions with a story aiming for YPP (S1) attack.
1) MPP (P) 0.74689...
big risstance right here on 1D chart downtrend confirmed by indicators more so in 4h but reverent in 1D.
setting my stop around 0.77160 ( maybe slightly higher ) just above major resistance
i believe it will return to the bottom of the long term trend channel (green line) but going to adding/removing positions at each support/resistance depending on market...
here we have a good oppurtunity to short Aud/Usd and possibly most other AUD pairs as it is extremely overbought and has also tested the weekly trendline resistance and dropped. Right now, we have a possible H&S pattern on the 4 hour tf and price is right under a 4 hour trendline resistance and also fib 61.8 resistance. Very good risk to reward on this high...