Hello Traders,
Here is the Top-Down Analysis of AUDUSD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 44 - 26 Oct
M > Price faced rejection at monthly resistance and dropped for correction, we expect correction to be near 0.382 Fib level on last bullish impulse. We saw a W formation and expected price to drop till the neck which price did to complete the formation, also hitting Target 1 as per our last analysis. Neck of W is on way to 0.382 level.
W > Price dropped till 0.618 Fib level on weekly bullish impulse for correction. We saw M formation and price moved up to test its neck and complete the formation. Price in fact moved beyond the neck.
D > Price dropped last week to test neck of W formation again and faced rejection. It created double bottom before moving upwards. On its way down price created an M formation and has completed it with last rejection to the upside. Price is currently on its way up to test daily supply zone, rejection at this level to the downside will create a H & S formation.
As per COT AUD saw closure of more Short than Long positions, improving net positions. AXY weakened during the said week but gained some lost position last week.
4H> After rejection price is moving up creating HH and HL. Price is approaching daily supply zone and we expect price to move up before reversing for downward move.
Pair Correlation > AUDUSD has positive correlation with AUDJPY, NZDJPY, AUDCAD, AUDCHF and Silver and negative correlation with EURAUD.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX
Here is the Top-Down Analysis of AUDUSD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 44 - 26 Oct
M > Price faced rejection at monthly resistance and dropped for correction, we expect correction to be near 0.382 Fib level on last bullish impulse. We saw a W formation and expected price to drop till the neck which price did to complete the formation, also hitting Target 1 as per our last analysis. Neck of W is on way to 0.382 level.
W > Price dropped till 0.618 Fib level on weekly bullish impulse for correction. We saw M formation and price moved up to test its neck and complete the formation. Price in fact moved beyond the neck.
D > Price dropped last week to test neck of W formation again and faced rejection. It created double bottom before moving upwards. On its way down price created an M formation and has completed it with last rejection to the upside. Price is currently on its way up to test daily supply zone, rejection at this level to the downside will create a H & S formation.
As per COT AUD saw closure of more Short than Long positions, improving net positions. AXY weakened during the said week but gained some lost position last week.
4H> After rejection price is moving up creating HH and HL. Price is approaching daily supply zone and we expect price to move up before reversing for downward move.
Pair Correlation > AUDUSD has positive correlation with AUDJPY, NZDJPY, AUDCAD, AUDCHF and Silver and negative correlation with EURAUD.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX
