Based on our previous idea today Augur reached the upside target and rejected it. Price reached the highest mark since July, hitting $33. The major resistance is based at 61.8% Fibonacci retracement level, which is $30, also a psychological round number.
REP/USD Still range trading as it stays between $15 support and $30 resistance. In order for Augur to continue rising, a daily close must be above the $33 high made today. But while the resistance is holding a corrective move towards $20-25 area should be expected. This could be a good entry price to buy Augur for a long-term investment. Although best approach would be to wait until $33 is broken and get in on a corrective wave down.
To summarise, Augur is still range trading, and a corrective wave down is likely to take place. Break above $33 should confirm the continuation of a long-term uptrend.
Trade closed: target reached
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There was a resistance at $47 that was rejected. The trend remains very bullish and there is more upside potential, although at this point correction down is possible.