AUDUSD Weekly Outlook 5th November 2017
NFP on Friday saw the Pair push lower again back into the Monthly key level.
We can still see signs of rejection in this area which shows it still has some potential to reverse from this level.
We have had an ABC pattern complete, we also have a 0.618 fob in this area which gives us the a,b legs of another potential move upwards.
On the Daily we are in the area where there could be a further push down to test this area or reject will wait and see how the market opens but with the cross of EMA's on the Monthly chart this could just be a corrective move before we move upwards
We can still see signs of rejection in this area which shows it still has some potential to reverse from this level.
We have had an ABC pattern complete, we also have a 0.618 fob in this area which gives us the a,b legs of another potential move upwards.
On the Daily we are in the area where there could be a further push down to test this area or reject will wait and see how the market opens but with the cross of EMA's on the Monthly chart this could just be a corrective move before we move upwards