Wow, this is a very slow pair, I used to underestimate those rumours.
After that huge bullish run, I have been watching this ascending channel form for quite some time, which indicates to me we are either expecting a reversal (doubt it), or a nice retracement - it has broken it but waiting for a daily closure in order to trade it.
So, The level we are watching is 9.4k. Trade - Short near 9.4k- if you can get a short near 9250 that'd be fine as well. Exit the trade when price closes above 9.3k on the 4h.
With targets being ~8.9k and 8.5k areas. If price goes above 9.4k and closes the 4h above 9.4k with good volume, that will be a sign to get out of the trade.
4 hr bearish divergence...
The pair can't break one of the lowest S/R levels (Grey area), giving us a nice divergency in the RSI.
That pullback after the harmonic pattern and the strong rejections (see the daily candlestick wicks), suggests me the pair will climb to 61.8 fib, where the weekly trendline is located.
Australian Dollar bullish overall.
Using Fibonacci retracement: SBUX next resistance is $85.75.
If we brake above this line with high volume, it confirms the extended bull trend; meaning we could spend some more time in overbought conditions.
RSI and OBV confirm strong uptrend since July 2018. Check weekly time-frame for a clear view.
RSI(10) @62 reaching for higher highs - OBV confirming trend
ADX (directional index) on a continuing positive trend
We see a very bullish move, as a hammer candlestick is formed at the 61.8% retracement level.
This is happening as the market as a whole is on a rally.
I would wait to see if we can break $68 (heavy resistance) on Monday.
Uncertainty in the market is evident in the Dow . RSI has steadily declined while we nearly made new highs back in April. Moreover, the 50 day moving average (not shown to make the chart a little easier to see) has all but crossed the 100 day and is taking aim at the 200 day moving average. The chart pattern resembles a head and shoulders pattern, and the RSI's...
Uncertainty in the market is evident in the Dow. RSI has steadily declined while we nearly made new highs back in April. Moreover, the 50 day moving average (not shown to make the chart a little easier to see) has all but crossed the 100 day and is taking aim at the 200 day moving average. The chart pattern resembles a head and shoulders pattern, and the RSI's...
The price dropped from the 9K highs to find support at the 61.8% Fibonacci retracement level around $7500.
The directional index lines did cross but on falling momentum. This is a picture of a bearish correction in an overall bullish market, so the support on the price chart should hold and so far it has bounced.
The RSI also dropped, but still remains well...