The overnight Aud rally and the Eur weakening (Weakest major currency
at the european opening) caused a sharp drop in EurAud.
There is an impressive confluence support area on daily timeframe that
might be tested, which aligns perfectly with an ABCD projection, as is shown in the chart.
Yearly PP=1,4820
SMA200=1,4822
50% FIB (3-9dec swing) 1,4825
Kijun Sen= ,14826
D-level=1,4833
1,4940 level is horisontal support and Daily S2 plus
the 38,2 Fib of above mentioned swing.
1,4975 is the lower Kumo Cloud.
But if price instead creates a Bear trap here, perhaps including
a lower low (wash and rinse) and the returns right back up to
take out the C-level at 1,5120, it will be a good sign that upward continuation
is coming. But I really like the ABCD setup here. Very harmonic.
This will be a great level to get long.
Higher time frame context:
Daily tf trend is Bullish
Weekly tf trend is Bullish
Monthly tf trend is Neutral but the running candle is Bullish
The Monthly Kijun Sen is at 1,5131.
at the european opening) caused a sharp drop in EurAud.
There is an impressive confluence support area on daily timeframe that
might be tested, which aligns perfectly with an ABCD projection, as is shown in the chart.
Yearly PP=1,4820
SMA200=1,4822
50% FIB (3-9dec swing) 1,4825
Kijun Sen= ,14826
D-level=1,4833
1,4940 level is horisontal support and Daily S2 plus
the 38,2 Fib of above mentioned swing.
1,4975 is the lower Kumo Cloud.
But if price instead creates a Bear trap here, perhaps including
a lower low (wash and rinse) and the returns right back up to
take out the C-level at 1,5120, it will be a good sign that upward continuation
is coming. But I really like the ABCD setup here. Very harmonic.
This will be a great level to get long.
Higher time frame context:
Daily tf trend is Bullish
Weekly tf trend is Bullish
Monthly tf trend is Neutral but the running candle is Bullish
The Monthly Kijun Sen is at 1,5131.
