AU has been retracing in a very organized and measurable fashion. FOMC rate decision and Trade War fears have added to sell pressure. BUT be wary of a "Wave B" = Bull Trap unless scalping for a few pips.
0.676xx is the key support which should bounce strong (or even end the down trend). 0.674xx is the likely target which should entice bulls to get back in with longs. 0.673xx is the last support that would still maintain an upwards trajectory.
0.679xx may be turning into resistance, unless Bulls can take it and retest. 0.681xx is nearby resistance which may be pierced for a stop hunt above. 0.583xx is (bottom of wave 1) is invalidation line, and Bulls' 10 yard line.
Best of Luck in your Trades.
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Se we are bouncing as anticipated. Now we just had a beautiful "Double Ping" of the .68087 lower boundary watching closely here.
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Nice progress so far, including a bounce to start the week
Zoomed in, with the original support zone, PLUS a new fib measuring the move down The red 5.618 was a common end point. Now it is up against the red 3.618 which will probably act as some resistance.
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This bounce may have some "Fib Legs" (blue fib). Price is currently paying attention to both the Red fibs (pushing down) and the Blue fibs (pushing up). Based on the movement thus far, there are some resistance zones that become visible. I am thinking the .67900 would be a good short entry if it gets there.
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Wave B first target pierced and headed towards second target
Hitting it nicely. Just went long at 677 ish. see if we get that bounce!
EuroMotif
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@Thundertoes30, ty, yeah the zones are holding nicely.
I do think this is well due for a bounce, even if only in shorts taking profit, like I did :)
Best of luck with your trades.
Thundertoes30
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@EuroMotif, I appreciate it, will be watching for the reshort! You as well.