Still seeing bearish sentiment with a clean monthly level break, looking for a short bull run for a retest of this monthly resistance, trendline line, and 61.8%-71% retracement level, forming the 4th leg keeping in mind the rule "if wave 2 retraces a little, then wave 4 will retrace a lot" - before bearish continuation. 130 pip risk for a 640 pip reward.
Here you see we are coming out of a zone of consolidation after failing to stay above the 50% retracement of weekly levels, have a H&S pattern on the weekly as well, 4H, D, W MA'S crossover for bearish sentiment and acting as resistance on 4H as we approach this monthly support. I am looking for a retest of the blue zone for a clean entry with a great risk to...
Here we see the MA'S confluence of the 4H, D, & W time frames all bearish now, also have a close underneath the monthly support which is now resistance. this gives us a 75% chance to hit the next weekly support before any bullish potential. close underneath a daily trendline as well, and ready to descend in this descending wedge. Target is 141.100 -140.100. ...
Looking at a bullish scenario for FX:AUDUSD , Found bullish divergence on MACD with a moving average crossover buy signal. I believe this bounce up was the beginning of wave 3. If wave 3 can reach this next area of resistance which is well above the wave 1-2 1:1 fib extension then it may possibly reach the 2.618 extension
