Still we continue without a 38.2 retracement since 6th of January, it is not sustainable forever, but who knows when it will end. Earlier Wolfe Wave pattern was invalidated, but now we enter a triangle pattern with a potential to see that retracement.
Time for another small entry to build a position down to 0.75547.
It has been a great run up on the AUD pairs, but there are more signs of stalling and over-excitement. Ever since 7330 we have not seen a 38.2 retracement on any pullback (red crosses), we've missed touching two weekly pivots now and a wolfe wave pattern has formed, a classic exhaustion pattern on a long running trend.
Wolfe wave targets point to 7445, but a...
The AUDUSD has had an extended run up late last week, Fridays push from 7385 to 7520 in quick time looks an exhaustion play to let the pair recover to a more structured retracement level. Short play with generous stops to 7385 is on the cards.
A nice recovery over the past few days has things looking bullish on shorter charts, but there is a strong case when moving to higher time frames for a resumption of the longer term downtrend around these levels. This could confirm through a developing head and shoulder pattern if we see a resumption around this level.
Descending triangle normally indicates a move lower, but higher time frames show some downside stalling so we could be in for a recovery to 7600 before the market decides what to do next.
EURUSD showing plenty of intra-day signs of a coil and retracement. Yet to test today's pivot around 1.103 and a clear trend line as a tool for a conservative entry. Sell a break of that trend line and look for price to test today's pivot today or tomorrow.
The EURUSD continues to struggle in a range, but looks like putting in a pin bar at a polarity level around 1.1093. If this confirms, look for a move below to the triangle pattern from higher time frames, currently sitting in the 1.1065 area.
For the first time since late February we are able to draw a valid down trend line on the AUDUSD. Combined with the last of the valid up trend lines, we are now in a triangle pattern, with a measured move indicating a move to the low 0.7300's should we see a break to the downside.
Price is capped at 0.7503 and 0.7435 for the moment, so anything between those...
The AUDUSD is right in an entry zone for a Wolfe Wave move down to around 7220's or so. The MACD is starting to show some divergence to compliment that thought on the hourly with shorter timeframes already showing the same signals for a while now.
After price blew through the top of the watch red resistance areas yesterday, support was found at the green watch areas and we are in a defined up trend for now. Thursday sees resistance above at 7305, with a larger longer term resistance area starting around 7330.
Plays against the trend might want wait for the latter area, while trend followers can look for...
While Oil has made a short term recovery from recent lows around 26.00, a classic Wolfe Wave pattern is forming pointing to possible exhaustion and a drop lower later in the week into next. If Oil shifts above 35.50 it is time to watch for signs of weakness with defined resistance at 36.20 offering nice point to accumulate short entries.
Wolfe waves will...
A day of consolidation is how by another triangle breakout setup as Sydney opens on Tuesday. Yesterday's first support and resistance zones held, as we look at 7180 above and 7100 below for Asian containment.
$AUDUSD is stuck in an ascending wedge pattern coming into Asia this morning with two important levels to clear for it to find it's direction. A move above 7220 could see that level used as support for a move higher with potential support areas around 7200 and higher again at 7230.
Moving below 7140 will give the opportunity for the resistance area from...
$USDCHF after Friday afternoons sell-off is now recovering on Asian open move towards the inflection point from Friday around 8875. Watch for reaction as to give an indication into Monday trading.
