Looking at price action on the daily we see these three hops up, always between 1.272 and 1.414 Fib extension of the previous move up and then retracing about till about .618. We are just coming out of such a retracement down now.
With the AUD being weak as it is, we could see the same thing happening again and be looking for a move up into the red zone drawn in on the chart. First however we'll need to break above the 2.0 even handle.
We very recently completed the small cypher pattern and are currently retracing a litte downwards, but the general trend is up for this pair creating higher highs, higher lows.
Watch out ... this is a longer term trade !
With the AUD being weak as it is, we could see the same thing happening again and be looking for a move up into the red zone drawn in on the chart. First however we'll need to break above the 2.0 even handle.
We very recently completed the small cypher pattern and are currently retracing a litte downwards, but the general trend is up for this pair creating higher highs, higher lows.
Watch out ... this is a longer term trade !
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Twitter: twitter.com/NicoMuselle
