EverythingForex
Short

AUDUSD Short to 0.79500 AB=CD Pattern

FX:AUDUSD   Australian Dollar / U.S. Dollar
134 views
2
134 0
Recent pullback into the 38-50% Fib level recently off the last swing high at A gives a potential AB=CD pattern forming. Bearish momentum is intact as shown by the hanging man candle on the daily chart . AB leg projected down ends almost exactly at 1.618 extension of AB and also very near the 61.8 retracement of the entire down move on the monthly chart. Strong S/R level at/near the 61.8 Monthly retracement lends support to price reaching that level before reversing.

Longer term AB=CD pattern which started with the AB impulse leg down from the Sep. 5th high (0.94016) down to Nov. 7th low (0.85405) with the C point at the Nov 17th high (0.87957) also projects to end very near to the 61.8 Monthly retracement and the major S/R level near 0.79500.
SPECIAL Report on the S&P 500. Read it here. It's FREE: http://bit.ly/2KGJ409spx818
Mailing list: http://bit.ly/2iNieEY
Facebook Group: https://www.facebook.com/efxselect
Twitter: @andrewefxselect
Website: http://www.efxselect.com
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out