Model defined qualitative target high at 106.614:
- TG-Hi = 106.615 - 09 SEP 2014
These targets carry high-probability reversal (not just retracement), whereby price could potentially be repulsed down to carve lower lows.
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1 - Model signals a Qual-Target attainment and thus warns against a potential reversal
2 - If reversal was to occur indeed, the bottom target reflects a prop pattern (called Euclid).
Whether the reversal occurs remains a matter of probability, independent of the model and prop pattern's probabilities to pre-define a value for such eventuality.
"Danske's limit order to Short $AUDUSD (Short-Term) got canceled "
This is tantamount to cancellation of a $USD long position and a possible removal of support/bearish pressure over $USD. Hence, prepare to see major USD crosses reflexively react to a possible BEARISH $USD push.
Keep an eye on this possibility, especially here, as are already straddling the forecast target: "TG-Hi = 106.614 - 09 SEP 2014"
A BEARISH $USD would indeed provide the reversal mechanism necessary justify the reversal purported by the Qual-Target. Considering that this face-about by major institutional banks goes against recent short-term positioning, I would assume that overriding fundamental pressures are developing, which would possibly be released in the news. I would look to chart development as to the potential impact of said fundamental development (if there truly is any such adverse and sudden event causing effacement of current short-term speculative positions - See more of these moves in this Forex Intelligence "Forex Intel" Room here: https://www.tradingview.com/chat/#xsmm44S00HaO5wCZ ).
1 - Price hit target
2 - Target is a Qual-Target, thus susceptible to reversal (not just retracement), although the reversal may simply be a very deep double-bottom or down to less than 0.618 of recent swing (but then, that would simply be a deep retracement)
3 - Price has stalled right at the target line, posting a significant reversal geometric pattern called a Terminal Diagonal (or Ending Diagonal)
$USDJPY - H4 Chart: Total View:
$USDJPY - M14 Chart: The Tipping Point ... To High-Probability Reversal: