DanV
Short

AUDUSD - INTERMEDIATE TERM POTENTIAL SHORT

FX_IDC:AUDUSD   Australian Dollar/U.S. Dollar
AUDUSD             is still in longer term downtrend.

In the last short term chart we were successful in taking short which didn't reach the 1st target level but came close.

However, since then, it has bounced strongly in abc zigzag in what appears to be wave 4 retracement. The today's gap up open could set the scene for excellent short entry with tight stoploss.

Downside target could be at least retest of the last low or lower still with:
1. Price back into resistance zone and in the vicinity of iv of one lower degree typical for wave 4.
2. RSI appears to be setting up equal or higher high and price lower high, hence hidden negative divergence.
3. The 1st Target level still remains to be 0.7450 area
4. 2nd Target 0.7250 -0.7150

As always, do your own analysis for your trade requirement. Select to follow me and the chart for notification of future updates. If you like the analysis then please indicate this by thumbs up, constructive comments and sharing with others. If you have an alternative idea then please share for all to learn from.

Thank you for taking the time to read my analysis.

DanV
danv-charting.com
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New highs. How much more short can we get XD
+1 Reply
And stopped out. Oh well
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DanV MOD Pansyfaust
It has suddenly exploded to the upside and I thing it must be stops run. I exited early with small loss ans have just re-entered on this spike will see how this plays out.
Reply
snapshot
I think you may be right about stop runs.... we just pinged the typical wave C target and top of trendline.... could be done. I missed this move too
Reply
DanV MOD SunnyBTC
No Worries. Looks good with my earlier updated chart this morning.
Reply
Looks like a good play actually, tagged the top of the Daily RSI trendline

snapshot
Reply
Looks like it overshot the mark slightly, shorted at 0.7905, so let's see if it runs out of puff up here :)
Reply
minbari PRO Pansyfaust
There are a lot of shorts to eat before this runs out
+1 Reply
SunnyBTC minbari
4hr RSI is in the ceiling
snapshot
Reply
SunnyBTC SunnyBTC
i've got a wave C target which coincides well with this upper red trendline. Also happens to be huge amount of hidden bearaish divergence on the 4hr macd. I'm looking to short around 1.0980 a 1.0990 if this 1.0950 level doesn't hold
EURUSD Hidden Bearish divergence on 12hr
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