Last week we saw an upside breakout of our accumulation/consolidation zone between 1.16600 and 1.17200 with price accelerating up to 1.18400.
The close of trading last week on the market left us at an interesting level where, in my opinion, we could see 2 possible setups.
A break of the CTL and weekly resistance pushing price back up to retest last weeks highs...
Price peaked at 1.97 with a nice evening star candlestick pattern. We then dropped down to the 127.2 leg of the last wave to form the start of the new channel we are currently in. d leg confirmation at 1.96600 making the channel parallel. Looking to short on confirmation and retest and rejection in confluence with tl and 50% fib level.
Aussie monthly – testing support area around .77500, also in confluence with red TL and beginning of a high price volume area.
Weekly – Support zone highlighted and confirmed by recent weeks PA interacting with the level. MA cross and rsi looking to conincide with pa too.