My bias is long on this pair. I forsee a weakening USD - 7 year cycles. If price breaks the next level of resistance we may head to the Weekly TL and the 50% fib (mean reversion) and the Fib extension of the last reversal bull wave pattern.
Comment:
Price has reacted from a long term resistance and psychological level 0.8077. It's too early to tell whether or not we will see a LL than 0.68. If we do the bears will take price down to the 2009 lows & test the early 0.62.
Price may head up if we don't break the recent channel of consolidation.
My bias is long to the TL acting like a magnet for the Bulls to drive us up.
If we see Gold being to move the AUD will head up this year. We have many wealthy investors beginning to buy up gold mines in Western Australia which indicates to me that they are becoming risk adverse in the turbulent political climate seen lately in the US.
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Price may head up if we don't break the recent channel of consolidation.
My bias is long to the TL acting like a magnet for the Bulls to drive us up.
If we see Gold being to move the AUD will head up this year. We have many wealthy investors beginning to buy up gold mines in Western Australia which indicates to me that they are becoming risk adverse in the turbulent political climate seen lately in the US.