AUDUSD Continue to Short to the 70 cent level.
I think AUD falls further as we have a text book continuation pattern being displayed, in line with the bearish momentum.
Monthly range in play for the Aussie, from 70 to 80 cents. A run lower to the 70 cent level again before reversing back for a run higher.
Daily level may come into play where a double bottom has occurred.
KEY
-RED LINE A MONTHLY LEVEL.
-ORANGE LINES ARE DAILY LEVELS.
Monthly range in play for the Aussie, from 70 to 80 cents. A run lower to the 70 cent level again before reversing back for a run higher.
Daily level may come into play where a double bottom has occurred.
KEY
-RED LINE A MONTHLY LEVEL.
-ORANGE LINES ARE DAILY LEVELS.
Trade active:
A triple bottom reached after an over extended run to the downside. A bullish inside bar giving a bullish Daily Direction prediction to the upside, PA now looking to target the daily 50 after it drops somewhat lower. Or utilise the fib levels from the top to the bottom of this run.
Comment:
The break and retest of the 1 YEAR downwards sloping trend line is also coming into play. S/R level combining with a strong downwards trend line to now give a reversal to higher price.
Order cancelled:
Disregard the "trade active" comment above.
The AUD will head lower past the 70 cent level.
To much momentum to the downside, look for only SHORT positions.
The AUD will head lower past the 70 cent level.
To much momentum to the downside, look for only SHORT positions.