This is an bearish alternative view of EUR/AUD. It is still possible that it is making a big flat correction possibly finishing with an ending diagonal C but I thought I would do a bearish view as well. If this count is correct the next move is going to be a very dramatic fall.
I have labeled the move up from the 28th April Low as a zig zag correction making an x...
break re-test of bullish trend line (red) another confluence we have is failure to break above sloping bearish trend line (blue) on 3 multiple occasions; target 1 - 1.37672, target 2 - 1.28656
Entry around the 127.2 of AB @ 1.45818
Stops @ 1.47822, near previous highs of 02/12/2015, and above the 161.8 of AB
Entry @ 1.43649, just above the 38.2 of AD
The daily chart indicates a selling point, however the 4H indicates a potential rebound off the channel. Rebound could occur before descending to the 38.2
S. Stoch on both timeframes indicate further...
KEEPING THINGS SIMPLE ON THE EURUSD
(1 day, log scale)
The picture is more mixed here than on the 1 hour chart :
-price was meeting resistance (horizontal & downward sloping trendline), has turned
-the April/May negative divergence worked out
-at the time, RSI was just slightly at overbought levels (I would prefer a larger RSI overbought reading for a start of an...
My idea is based on
Grey boxes are kind of AB=CD which is complete, so this is rather good signal for short here.
Additional odd is confluence with 1.618 fibonacci level .
Another odd is potential Cypher harmonic pattern (brown) to be complete, and - when completed - long from D point.
Orange is potential butterfly harmonic pattern, but do...
Here we got a potential Cypher pattern short after a double top right at the major resistance of the 4H range top. We are looking to enter on a 0.786 retracement going short. We are still waiting for the RSI to change direction, but if we get the retracement it should come up.
Kind regards
Thomas Jeff
This is my first published idea.
When I first looked at this I saw Kijun heading straight up and thought to myself, OK, let's go long, but Kijun is also a lagging indicator. Seeing a kumo twist in the future, and after plotting what I believe to be multiple resistance/support levels, it looks to me like there might be some more long action, but I don't think it...
Looks like a bearish bat pattern is nearing completion on the 60 for EURAUD (though point C is neither a .382 or a .886...) This is nice because it's going with the bearish trend and although we're seeing some bearish movement, I'm hoping that's just so it can get enough steam to make it to the .886.
RSI(14, close) shows we're almost overbought using 80 as...
TOP DOWN ANALYSIS.
MONTHLY LEVELS WERE DRAWN ON. I SPOTTED MY OVERALL MONTHLY TREND HAD BEEN BROKEN TO THE DOWNSIDE, THEN CAME BACK FOR A RETEST BUT THEN BROKE THROUGH IN WHICH IT THEN HIT THE 0.61 FIB PUSHING PRICE BACK DOWN FOR THE CONTINUATION TO THE DOWNSIDE.
CHART EXPLAINS THE REST.
THANKS. GIVE ME A FOLLOW MORE CHARTS TO BE POSTED.
EURAUD is oversold on the hourly chart after a very strong downtrend. Expecting price to retest the previous resistance level before continuing further to the downside. Stops above 1.4 price level which was another major support turned resistance level.
EURAUD daily setup:
- Price is within a daily descending channel and currently putting in a third touch of the upper boundary acting as resistance
- We have a daily Fibonacci setup with price currently below the 61.8 level which is confluent with the descending channel
- Price is also below the daily 200MA which is confluent with both the 61.8 fib level and...
