The weekly chart offers a time at mode uptrend expiration signal, which suggests price can retest the mode at 1.94578 in 14 weeks or less.
In the daily, off the recent swing low, an uptrend signal formed, but it has already reached its target, ahead of time.
This suggests it's possible to expect a selloff from this , also emphasized by the candle pattern that formed in the last close.
I'll be monitoring for a short entry using the 4h chart, good luck if you decide to take this short.
This is a purely technical setup, we should do our own due diligence with it, since fundamentals for the Aussie don't indicate strength with the potential copper downtrend that we have detected in our group.
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Time at Mode FX
Analyst at Concord Bay dot com
You can reshort.
It could retrace now, but maybe it just goes for the monthly mode near 1.81.
There is a divergence on H4 which will see a correction to 2.1276, but price needs to hold below this level on weekly session in order for the short side sentiment to remain alive.
And the weekly H&S... So far the right shoulder is still being formed, but the touchdown to the neckline so far has formed a double bottom, so just as much as a break below the neckline is needed, if it doesn't break, it could possibly break higher on the DB pattern too.
If it were to continue down below the double bottom support, then great.
My bias is on the short side for the Aussie, but the technicals might suggest an intermediate term rally there.
The cash rate data will be instrumental as a catalyst this week.
Very interesting, also, new month begins, and with it new intermediate term trends probably.
Long time, no see mate ;)