AU has been making lower low and lower highs for few hours now, and tonight being the date night with RBA, lets see which of these possibilities come true.
This setup is base on the following price confluences.
1. Downtrend on monthly chart candle and weak economics of AUD.. where the commodities price getting hit by USD strength.
en.wikipedia.org
2. Strength of USD also amplify the drop. (Please check related idea for USD strength status)
Setup configuration ::
(As point by Blue box)
This number come from...
This setup using 3 reason to plan this trade.
1.This descending channel align with current candle stick trend.
2.The rejection of price from resistance area (S/L Area). resulting in very strong bound leaving a trial as "Bearish Engulfing on weekly Chart", as well as "Dark Cloud Cover on daily chart" following a red candle stick after.
3.The rejection level...
In AU outlook for 5 May, last friday the candle was in a exhaustion.. if we go to 4H TF we see that the last candle is the confirmation to go long.. so i predict that next week will be some bullish action from AU :)
I have been adding to my silver position for months and months along this most recent bottom. At this point, silver seems like it has been beaten down to it's absolute bottom. It is currently sitting along the .764 fib level, which also happens to be the bottom of the donchian channels. The RSI is as oversold as it was at the beginning of the '08 bubble. Bullish...
