At the moment, we have a long-term consolidation. We can trade inside consolidation or breakdown.
At the moment, we have a long-term consolidation. You can trade within a consolidation or breakdown. In more detail, trade within the consolidation is dealt with in Part 2.
Short - rejection from 0.76 round number and 38.2% retracement of the down leg. Fundamentally there is monetary policy divergence between RBA and Fed which supports this trade. Hedge with AUDJPY longs from current levels.
Daily supply zone hit + Trendline hit + bearish pattern + Trendline BO = Good sell oportunity Entry: 87.287/ Tp: 86.393/ Sl: 87.620
Sell at 0.7684 and if go above then also sell from that level and first tp is 0.7600 to 0.7520
Recently, as you can see on my recent published charts, mr batman has proved himself incapable of assisting and been completely beaten down. In this setup we have a bigger gartley-pattern which could add some backup to the weak (yes.) bat, together with falling trendline and structure looking back - and the double top that these two combined will form when the...
4 failed attempts on breaking to the upside. We now have a broken trendline to the downside. Targetting retest of 1.00000 Stop loss above the highs
Time to get short!.. Or long!.. Or both. We're currently in a previously tested channel with support/resistance both above and below. We see two pattern forming. Gartley (red) and bat (yellowish). Orders are pending on both, lets see which gets filled!
Inside bearish triangle / pennant we find this opportunity to sell at the retest of the upper falling trendline. I place my take profit just above previous support and above 61.8 fibo of the leg.
Fundamentally: growing monetary policy divergence between the Fed and RBA. Technically: AUDUSD has broken the 2016 uptrend line. A 38.2% correction from recent lows was to be expected, given the sheer pace of dollar strength. The next leg is down to 0.70. Perhaps the best trade going into 2017.
This pair was put on our watchlist over the weekend and an entry oppurtunity is available. Double top has been formed at the 1.618 fib extensiion of previous ABC boundary, completing the ABCD corrective structure. The double top is also trading around the key level of 0.7500 which is paired with the 38.2 retracement level of the larger ABC boundary
Pro's - good reversal pattern. - price sat at good support. - recent break of downward trendline, now retesting. - 0.5 Fib retracement level from previous swing low to high Con's - Trending against the trend - Trading through EMA's including 50EMA on daily. Thoughts? Please comment below
AUDNZD will make one more move to upside AB complete C wave is next, when this C wave is complete Wave 4(primary) will complete and thus WAVE 5 will begin. Wave 5 will mean continued downside Subwave C - to 1.1150 Resistance level When C subwave ends, Wave 5 begins Entry: 1.150 TP: 1.0975