The Aussie is in a clear downtrend here on the daily with the AUD having a mini resurgence thanks to the strong support at the key psychological 0.70000 level creating a nice Double Bottom!
May not be a trade that gets taken this week as more a long term view but buys are only taken with a break of the channel and a push above the key 61.8% level to retest the...
We're long now!
Closing above 74.60 was key to seeing the Double Bottom validated and not just consolidation and weekly support.
Now we've had multiple bullish daily closes (good size candles as well), we have confirmation of the Double Bottom off that order block at 74.20 and are looking for buys to add to our current open position (running around...
AUDUSD H4 - Again another zone break at that monthly key level of .070688, consolidation broke upside, and then downside more significantly. Looking to find support at 0.70200 ish for possible longs up to 0.72000 again, areas of possible resistance sit at monthly key levels and previous flag consolidation
I expect over the coming weeks to see eur/aud turn bullish, right now price is consolidating in a sidewards channel, and is forming a strong floor. expect price to break through this channel and continue on up. enter on pullback or breakout.
AUDJPY H4 - Very similar to the GBPCHF range, trading between 76 whole number and 75 whole number, decent 100 pip range of a pair which generally warrants confirmation. RR is there too, lets see how we respond to this 76.00 resistance zone.
This is a 12H setup - like the weather - showing the case for a potential reversal south.
1 - zone of congestion in what looks like a PRZ
2 - an alternate ABCD pattern.
3 - price just below 12H ATR line.
Contrary to the received wisdom ABCD patterns do not have to be a precise pattern with a 61.8 retracement of initial limb. It can be a 78.6. In...
The 4H position on the AUS200, could be an advantagious exploit for a controlled affordable loss.
1 - The Aussies tend to follow the DJI and USTech 100.
2 - But there is usually a time lag of between 30 mins and 2 hours.
3 - The DJI did a major leg down but the Aussies barley flinched after a major bull run yesterday.
I've seen it many times, where they catch...
AUDJPY H4 - We marked this up towards the latter part of last week, said it could be ready by this middle of this week, no doubt we have seen a break and retest now, but we need to see signs of YEN strength, or corrective moves. Comparing it closely with GBPJPY.
The current picture on the 3D time frame shows the following:
1. Price has rebounded to a 61.8 fib and is struggling.
2. The market has disallowed 6200 on four occasions.
3. Price is flattening in a structure zone.
4. The rebellion to current level has taken 5 times what it took for price to crash.
5. This is still a bear market as price has not nearly...
AUDJPY is Bullish - We look to Buy at 74.32
▪️ Trading within a Bullish Channel formation.
▪️ We have a 50% Fibonacci pullback level of 74.23 from 73.30 to 75.16.
▪️ Bespoke support is located at 74.32.
▪️ Further upside is expected although we prefer to set longs at our bespoke support levels at 74.32, resulting in improved risk/reward.
EURAUD is Bearish - We look to Sell at 1.6500
▪️ Short term bias is mildly bearish.
▪️ Bespoke resistance is located at 1.6500.
▪️ We have a 61.8% Fibonacci pullback level of 1.6489 from 1.6771 to 1.6032.
▪️ Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 1.6500, resulting in improved risk/reward.
EURAUD is Bearish - We look to Sell at 1.6673
▪️ Short term bias is mildly bearish.
▪️ Bespoke resistance is located at 1.6673.
▪️ We have a 78.6% Fibonacci pullback level of 1.6700 from 1.6763 to 1.6469.
▪️ Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 1.6673, resulting in improved risk/reward.