Long term trend: Down
Medium term trend: Down
Significant Levels: 0.8000 (Significant Round Number), 0.8090 (Horizontal Support), 0.8310 (Horizontal Resistance), Trend Line
The previous analysis was a success. You can refer to the AUDUSD Analysis 02/12/14 for more details.
As we can see in the chart, the market is still going down. Currently, the price is below the resistance, which we can see that the price has been in a bit of consolidation there right now after the market had gone below the resistance. There is really no obvious price action right now that tells us to go Short. What we are seeing here is an indecision in the market and that's why the consolidation is forming. Probably, this is just the normal indecision in the market after it reached a significant level (the resistance in this case). And this could mean that the market is just resting right now before continuing along with the trend, which is down. This could be a good opportunity to go Short before the price continues to go down, though again, there is really no obvious price action that tells us so.
Trade well.
Medium term trend: Down
Significant Levels: 0.8000 (Significant Round Number), 0.8090 (Horizontal Support), 0.8310 (Horizontal Resistance), Trend Line
The previous analysis was a success. You can refer to the AUDUSD Analysis 02/12/14 for more details.
As we can see in the chart, the market is still going down. Currently, the price is below the resistance, which we can see that the price has been in a bit of consolidation there right now after the market had gone below the resistance. There is really no obvious price action right now that tells us to go Short. What we are seeing here is an indecision in the market and that's why the consolidation is forming. Probably, this is just the normal indecision in the market after it reached a significant level (the resistance in this case). And this could mean that the market is just resting right now before continuing along with the trend, which is down. This could be a good opportunity to go Short before the price continues to go down, though again, there is really no obvious price action that tells us so.
Trade well.