AUDUSD trend support line started from 21 Dec, 2020. This trendline act as support on 4th and 8th Jan but fail to keep trend and break down at 10th Jan.
Now this line become resistance line and giving us good risk reward trade near 0.7780. We will put stop loss just above the previous high @ 0.7802 and targeting previous support of 4th Jan Low @ 0.7645.
Entry...
Background
Refer to my previous two Elliott Wave analysis of USDJPY on 23-12-2015 and 17-05-2016. We saw at that time red wave completed near 75.37 and also placed long term bottom there. After completion of red wave , we saw a nice rally in the first leg green wave A of red wave that ended near 125.80. This Green wave A also placed medium term top.
This...
No change in my view since previous publish, market are going down usually as expected. The correction in blue wave b converted from flat to triangle and red wave 3 ended at 1.1300 also finished blue wave b of Y. After that we saw a quick decline in last blue wave c and the ideal target for this wave is near 0.8500 area. This area has lot of support as long term...
