WITH ALL THE SELLING OF GBP NZD AND EUR.
IT IS NO SURPRISE TO ME THAT AUD WILL FOLLOW SUIT AND SELL OFF, CORRELATION WISE.
(NZD CORRELATES WITH AUD, EUR WITH GBP.)
LOOK HOW PRICE REACTS WHEN IT NEARS THE 200 50 20 SMA CONFLUENCE AREA.
AND LOOK TO SELL ON BEARISH PRICE ACTION H4 LEVEL,
PREFERABLY 0.785
NOTE :
DOUBLE BOTTOM @ 0.765
PRICE REJECTED FROM 200SMA...
Watch AUDUSD H4 (20 Min)
1. Support was broken @0.80467
2. Will try to re-test last high
3. 10 SMA, 50 SMA and 200 SMA are lagging behind and are close to the last high
4. 0.618 fib level is right at the place where last high was making it a good place to short
5. Stop @ 0.81758
6. First Target @ 0.79255
7. Second Target tail as it is reaching weekly support area...
Apologies for repeating this post my chart didn't come out properly but still the same analyses on AUD/USD 4HR
Monthly support broken now historically finding a previous floor with 2 targets in mind. First is the daily fib 3.618 retracement 2nd the next level down which is also the length added from its average range and confluence with a monthly support. Lower...
Been in and out this long term trade over the last couple of weeks and looking for another possibly on the descending trendline. I believe there is still a lot more dropping to do after a top down analyse from the monthly to the 4hr . With lower lows and highs still in play and recently a monthly support now broken im targeting the next fib and monthly support...
Potentially have a Gartley Sell pattern on the 60 minute AUDUSD. While the ratios aren't 100% right, if you look further left you'll see that D lies in an area of previous structure and coupled with an increasing RSI it seems reasonable to assume there will be some downward action at that point.
SELL @ 0.8566
BUY @ 0.8615 (SL)
BUY @ 0.8489 (TP)
Risk: 59...
Hi, this an update to the idea: Why AUDUSD is Likely to Trade Lower
Since the idea was posted, price has consolidated retraced to as high as 0.8850. At time of writing, price is trading at 0.8710s and is showing intention to breakout on the downside, forming the Wave 3 (strongest wave) of an Elliott 5 Wave Pattern.
In short, price action indicates that it is...
Why AUDUSD is Likely to Trade Lower
We observed from Feb 2009 to May 2012, AUDUSD has been trading along an uptrend line. This line was broken on May 2012, indicating that the bullish trend was over and we see that price has transition into a sideways consolidation between 0.9500s and 1.0830s for a while. This sideways phase was over when price broke below...
Around .8720, may be a good place to enter short / re-enter.
This fan from the 2011 Highs has some interesting touches
but the 50% line has acted more often as support
thus far. On the other hand, if this 50% line is broken it would
become a good short target as the pair descends.
