$AUDUSD suffered a 3700 pip decline from its 2010 peak and it seems like the end is near.
Why am I saying it?
Two reasons:
First - 0.7 Is 200 pips away and its the 78.6 Fib and also a major monthly support zone .
Second - The bullish setup shown in this chart:
AB=CD pattern, Fibs extensions confluence zone and daily Outside bars can play out to be a nice bullish setup for a short term/mid-term pullback move of about 200-400 pips.
With stop loss below 0.716 you get all the patterns covered but there are other ways to play it if you are a short term trader and not a swing trader.
Read the full analysis and more interesting trading ideas for stocks and FX in this week's WMA newsletter:
http://goo.gl/SLSwmk
Become an Elite Zone member:
http://www.themarketzone.net/#!the-elite-zone/ce9a
Subscribe to the newsletter (free):
http://www.themarketzone.net/#!wma/c1jxp
Why am I saying it?
Two reasons:
First - 0.7 Is 200 pips away and its the 78.6 Fib and also a major monthly support zone .
Second - The bullish setup shown in this chart:
AB=CD pattern, Fibs extensions confluence zone and daily Outside bars can play out to be a nice bullish setup for a short term/mid-term pullback move of about 200-400 pips.
With stop loss below 0.716 you get all the patterns covered but there are other ways to play it if you are a short term trader and not a swing trader.
Read the full analysis and more interesting trading ideas for stocks and FX in this week's WMA newsletter:
http://goo.gl/SLSwmk
Become an Elite Zone member:
http://www.themarketzone.net/#!the-elite-zone/ce9a
Subscribe to the newsletter (free):
http://www.themarketzone.net/#!wma/c1jxp
Heading towards 0.75 now that it crossed above 0.73.