FOREXEL

Waiting and watching to go short

FX:AUDUSD   Australian Dollar/U.S. Dollar
50 1 0
The the ongoing correction higher came to a halt where price have been under pressure for over a week. The upside is still limited until it breaks the 20 day MA at 0.7938 and if it does the it is going for a H&S pattern with 2nd shoulder coming in at 0.8022-74 where it will be time to sell again. If it would break even higher then 1.618 fib is at 0.84.

The inner trendline limited the downside at the end of last week but there is a clear downside target at 0.7541 ( ish             )

I will watch the price action and wait and see which possible upside target may come to a halt this time around
Spot on
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