Daily Study of AUDUSD - Range 0,92-0,9450 still in play
When price tested the Yearly PP first time April 14, it simultaneously
completed the minimum target of the ABC 61,8D pattern that was
completed Jan 27. It has since been unable to breach the Yearly PP,
The 3/8 Fib of the May2010/Aug2011 wave at 0,92 along with the
Yearly PP 0,9450 have created a SR zone that has held PA since
March. Price is now also trading below the Monthly PP and thus
bearish bias on the pair. Monthly S1 is in confluence with
the 3/8 fib of large upwave and chances are that it will be
tested within this month. A break down of the 0,92 level
may accelerate losses and a possible new larger downleg
may be forming. But if 0,92 holds, bullish prospects increase
with a possible new retest of the Yearly PP. The defined range
marks the current consolidation and a break of it will clarify
market intentions going forward.
completed the minimum target of the ABC 61,8D pattern that was
completed Jan 27. It has since been unable to breach the Yearly PP,
The 3/8 Fib of the May2010/Aug2011 wave at 0,92 along with the
Yearly PP 0,9450 have created a SR zone that has held PA since
March. Price is now also trading below the Monthly PP and thus
bearish bias on the pair. Monthly S1 is in confluence with
the 3/8 fib of large upwave and chances are that it will be
tested within this month. A break down of the 0,92 level
may accelerate losses and a possible new larger downleg
may be forming. But if 0,92 holds, bullish prospects increase
with a possible new retest of the Yearly PP. The defined range
marks the current consolidation and a break of it will clarify
market intentions going forward.