FX:AUDUSD   Australian Dollar / U.S. Dollar
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Share your views break out or one more down.

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+1 Reply
sir anil is there any confirmation about one more down leg? i think it reverse from daily down trend line and it break h4 up trend line in downward. i think it will make one more down leg.
+1 Reply
Support and resistance is a lot of bull crap and it doesn't work
IvanLabrie Vostiothenjo
Depends on your belief system, and how you define said support and resistance.
I think it does work, but not the traditional s/r people use, rather areas of frequent and very infrequent transactions in the recent past.
Vostiothenjo IvanLabrie
IvanLabrie Vostiothenjo
I don't use trendlines for example, yet many people swear by them. :D
Thanks for the comments guys. Keep posting you comment and attach a chart (always welcome to do so even if your view is the opposite of mine) it will help traders make a more informed decision. Since no one has the absolute perfect analysis (all analysis are based on a probability) yours may be right this time.
+2 Reply
Great charts. I`m guessing 1 more leg down
+1 Reply
You have started a nice group discussion here Anil, which puts various traders views forward about a currency pair.
This kind of stuff is good for us all and gets the old grey matter working.
Correct or incorrect matters little, it's the participation that Important.
+1 Reply
Hello Anil.. I just draw a chart in AUDUSD trying to show key support/resistance levels in the weekly timeframe. In my eyes it's clear that price will go up for three reasons. First we can clearly see that price moved higher than the previous lower high. That wave up, broke the median line of a channel, which acted extremely well, both as support and resistance. In addition we can see that price failed to break and continue going down, the 0.786 zone of a major impulse wave clearly seen at weekly chart. Maybe price will retrace a liitle to retest the level which just broke but i am confident that it will rally in the next days. That's only my opinion.
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