Levels on chart. AUDUSD is in an uptrend, we're seeing divergence in MACD, it looks to be an impulsive advance. The weekly signal points to a rally into the 0.82059-0.83677 region. Any chance to hook up to the rally would be a nice long. I think we will see a retracement here, so, going long might work nicely. If we cross below the horizontal levels, we can expect price to revisit the next level below. Good luck! Ivan.
Very strong selloff!
Price reached the mode and moved past it.
If it manages to stay below, it might continue further down.
IvanLabrie
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4h view:
Downtrend target almost reached ahead of time.
We have an RBA speech coming later today, I suspect we might see a strong rally off this base.
Adding 1h, daily and weekly view now.
IvanLabrie
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Daily:
IvanLabrie
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Weekly:
There are some obstacles ahead.
IvanLabrie
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Watching this zone, we might see an uptrend launch from here.
IvanLabrie
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Scouting for long entry today.
IvanLabrie
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Potentially a great long entry:
I'll watch the hourly and the reaction to the FOMC minutes today.
Being a contrarian here will surely pay off.
timwest
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It looks like RgMov was telling us that the trend was failing. It helps when RgMov is leading the way and hitting new highs first. Also, with regard to the "No new lows for 5 bars", the key is that the market then be above the mode to signal a low risk trade "long" with a stop under the mode.
IvanLabrie
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Indeed, quite drastic too.
IvanLabrie
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If we get bad US data now, this might be a terrific long.
No new low after 5 bars here, price right below the mode.
Price reached the mode and moved past it.
If it manages to stay below, it might continue further down.