Historically, signals happening in both pairs suggest a good outcome for long trades in the Aussie dollar. I've caught a move before, when a weekly trend was expiring on the downside in $AUDCNH, and we rode a few nice moves up in $AUDJPY and $AUDUSD then. We now have a second chance at a similar juncture, while also the $DXY is at the end of a weekly uptrend in...
A major breakdown ahead of the open as markets catch up to the virus disruptions. AUD and global trade are set to suffer for sometime, it will take a brave man to step against this flow.
On the monetary side, RBA tee'd up a rate cut in April with another in Q3 on the cards. Housing has already done the heavy lifting, will need A LOT more help from elsewhere to...
Like to switch to line chart from time to time. As shown below, I expect it to continue after this sharp bounce to that bolder white horizontal line (these lines are daily high/low wicks from the past).
Disclaimer: this idea is solely for my own purposes, to satisfy the ego, if it will work out ;)
I missed the wave 1 up believing that the previous 5 wave down still had some way to go. I missed the current wave 3 up, but want to catch wave 5 up.
Based on fib levels and laying a Schiff pitchfork, there should be a wave 4 down. However, my current trading rules are I only trade when I get a clear cross-over on Stochastics.
I may therefore miss Wave 5 up...
