Builds Support @1.04391; Remains L/T Bullish | $AUD $NZD #forex
Friends,
I initially entered this pair @ 1.03882, and closed this long position today in anticipation of the following analysis.
As announced earlier today (see dated tweet on this pair), the pair is likely to recover towards its 50% level. However, price stalled at the 38.2% Fib level, suggesting that a transient recovery in $NZD could pull the pair back towards the highlighted zone, representing a high-probability reversal bullish entrenchment, circa 1.04391.
PREDICTIVE ANALYSIS & FORECAST:
As a prior TG-1 was hit and price declined further than anticipated, the model produced a new new numerical primary target, defined as a Tg-1-prime, while the other targets remain in force, as follows:
1 - TG-1' - 1.2574 - 22 JAN 2015
2 - TG-2 = 1.15084 - 30 AUG 2014
and
3 - TG-Hi = 1.19207 - 30 AUG 2014
PATTERN ANALYSIS:
There are TWO background patterns worth considering at this point:
1 - A dominant Bullish Shark, which prompted the reactive swing to the upside that peaked yesterday
and
2 - A Bearish Wolfe Waves pattern, which rests in the shadow of that recent Shark, highlighted in BLUE. A conservative support is expected at the level corresponding to Point-4, which defines a potential support ahead of the predictive/forecast bullish entrenchment, and thus gives this area a likely rebuttal level from bulls.
This level of Point-4 is defined in the chart at 1.04646.
OVERALL:
I have kept the directional indicator under neutral for this timeframe, although a practical trade at H4 should consider this an interim BEARISH retracement.
Thank you for your readership and thumbs-up support. It helps me estimate which pair is most followed.
Cheers,
David Alcindor
Predictive Analysis & Forecasting
Denver, Colorado - USA
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Twitter: @4xForecaster
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I initially entered this pair @ 1.03882, and closed this long position today in anticipation of the following analysis.
As announced earlier today (see dated tweet on this pair), the pair is likely to recover towards its 50% level. However, price stalled at the 38.2% Fib level, suggesting that a transient recovery in $NZD could pull the pair back towards the highlighted zone, representing a high-probability reversal bullish entrenchment, circa 1.04391.
PREDICTIVE ANALYSIS & FORECAST:
As a prior TG-1 was hit and price declined further than anticipated, the model produced a new new numerical primary target, defined as a Tg-1-prime, while the other targets remain in force, as follows:
1 - TG-1' - 1.2574 - 22 JAN 2015
2 - TG-2 = 1.15084 - 30 AUG 2014
and
3 - TG-Hi = 1.19207 - 30 AUG 2014
PATTERN ANALYSIS:
There are TWO background patterns worth considering at this point:
1 - A dominant Bullish Shark, which prompted the reactive swing to the upside that peaked yesterday
and
2 - A Bearish Wolfe Waves pattern, which rests in the shadow of that recent Shark, highlighted in BLUE. A conservative support is expected at the level corresponding to Point-4, which defines a potential support ahead of the predictive/forecast bullish entrenchment, and thus gives this area a likely rebuttal level from bulls.
This level of Point-4 is defined in the chart at 1.04646.
OVERALL:
I have kept the directional indicator under neutral for this timeframe, although a practical trade at H4 should consider this an interim BEARISH retracement.
Thank you for your readership and thumbs-up support. It helps me estimate which pair is most followed.
Cheers,
David Alcindor
Predictive Analysis & Forecasting
Denver, Colorado - USA
-----
Twitter: @4xForecaster
-----