CapMoore

Price Retreating Overnight. Possible ABCD

FX:EURAUD   Euro / Australian Dollar
59 0 2
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.

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