The Aussie Dollar longer term considerations on weekly basis :
1. Pattern - wedge shaped consolidation since Jan 2016. The "D" leg is appears to be nearing trendline resistance at .7300.
2. Harmonic - there could be a Gartley pattern developing , and if so, the D point would be around .7050.
3. Demand zone - around .7150
4. Pivots - price last week rejecting the traditional S2 Pivot point. The monthly pivot is .7520.
5. Moving Average - price is well beneath the 200 MAV ( around .8000) and the shorter term 10/20 W ( around .7500) .
So if trading the Aussie on a daily basis, the direction of the trend appears to be down. Look to sell the currency pair on a show of strength from Pivot to R2.
The resistance areas/ targets are likely to be
1. Trendline resistance .
2. Demand Zone.
3. Harmonic Endpoint.
1. Pattern - wedge shaped consolidation since Jan 2016. The "D" leg is appears to be nearing trendline resistance at .7300.
2. Harmonic - there could be a Gartley pattern developing , and if so, the D point would be around .7050.
3. Demand zone - around .7150
4. Pivots - price last week rejecting the traditional S2 Pivot point. The monthly pivot is .7520.
5. Moving Average - price is well beneath the 200 MAV ( around .8000) and the shorter term 10/20 W ( around .7500) .
So if trading the Aussie on a daily basis, the direction of the trend appears to be down. Look to sell the currency pair on a show of strength from Pivot to R2.
The resistance areas/ targets are likely to be
1. Trendline resistance .
2. Demand Zone.
3. Harmonic Endpoint.