FX:AUDUSD   Australian Dollar / U.S. Dollar
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AUDUSD             continues its slide going into NY session after last nites data coming out from china showed a very weak PMI number suggesting a continuing slow down in the worlds second largest economy. Given that China is the largest trading partner with Australia it raises concerns as to the increased demand for the commodity driven export sector of the Australian economy which is its largest sector. Technicals suggest further downside in AUDUSD             as prices have turned sharply after confirming a bearish gartley harmonic and tracing out a 5 wave impulse pattern in sub wave 3 within wave 3. The most common Fibonacci extension from wave 1 is 1.618 which would give a price target of .8600 in the near term.
I was just wondering -----
Are you saying we should short right here as price sits on support or
wait until support is broken and retested ?
Given your EW count, that seems very clear, what was the reason
not to short with a break of the 4th wave channel ?
Thanks for your thoughts
wishing lots of pips to end the year !!!!!!
Iridium dojitrader
Preferably the inverse divergence on the 12/26 macd which I labled wave (4) would have been a good place to enter. Now prices are moving down yet the macd is going to show a divergence which in most cases happens when wave 5 unfolds. None the less both fundamentals and technicals are very bearish so just take bearish set-ups not the bullish ones.
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