SteynTrade

AUDUSD Ranging in the cloud

FX:AUDUSD   Australian Dollar/U.S. Dollar
Ranging Tradeable Market. On the weekly chart we see that the AUDUSD             has entered an area between 0.80 and 0.70 were price previously ranged between. We see a buying climax the end of August 2015 which was preceded by preliminary support. This indicates to me that we are now in an accumulation phase of AUD. Based on this it would mean that we are in Phase B of the Wyckoff Method of Analysis. We are further in the Kumo and price could be caught in it for a while. If I am correct I would expect price to range in the cloud between the pitchfork mid-line and bottom for the next 3.5 to 4 months. Before making a final spring down to testing 0.70 and then moving higher breaking the rang and trending up. If my evaluation is correct price should stay between 0.72 and 0.75 for this time before the break lower.
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