Thanks for sharing.
With RBA rate decision tomorrow( consensus is a decrease from 1,75% to 1,50%, would further put pressure on the AUD and indicate a EUR/AUD long position. Waiting for the right entry point after EUR / GER PMI data from today.
nahidik
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Great chart Anil. I have a similar idea except an w-x-y-x-z where you have an a-b-c. a product of using the AO instead of the MACD. The result should be similar. A strong support area near the 1.08 may be enough to turn the trend.
nahidik
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I sincerely apologize to Anil and any others following this chart. I am sure some may think I am doing this on purpose. Twice I have put the wrong chart on here. I just had too many charts open and this was for another posting. I am truly sorry for this and will accept any of your words of disapproval as I am fully at fault. Unfortunately there is no way to remove the post once you screw up.
docholliday
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bigger picture view for traders as to why we want this upside!! Great job as always Anil -- was in and out now looking to get back in again for the bigger trades!
nahidik
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Possibly. My concern is the last wave down has no correction or crossover so it is more of an impulsive wave. I am expecting something similar to the last impulse down a bump up followed by a lower low. Your weekly chart could show an ABC correction finished just below the 618 retracement and this is the start of the "C" wave to disrespect the swing low around 1.15. We will see how this shapes up. Good luck
docholliday
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we will see -- did you look at the first daily down move?? nice divergence for upside and I would expect a bit more correction of the weekly down impulse.. so could it be over and we are heading down?? possible.. but for me to look that way we have to break out of this structure and consolidate -- until then.. it is upside for me.. happy trading.. I see you did post correct chart afterward -- I have a multiscreen setup too.. so it can happen..