AUDUSD Forex cross pair is reacting to a weekly supply level located around 0.7232 price area. Price has reacted strongly to that weekly supply zone creating brand new imbalances on lower timeframes like the daily chart. There is a new daily supply zone created around 0.7226 as a reaction to weekly supply zone.
Weekly timeframe is still in a downtrend. Dollar...
Forex pair AUDUSD is dropping and creating brand new areas of weekly supply for potential shorts around 0.7600, previous weak weekly demand zone at around the same price area to the left has been removed. Lots of room for price to retrace to opposing higher timeframe demand level.
The daily chart of AUDUSD allows us to put the decline from 2018 high at 0.81340 into an Elliott Wave perspective. As can be seen, the market is drawing a textbook five-wave impulse, labeled 1-2-3-4-5. Wave 1-4 is completed, and we are currently in wave 5. The sub-waves of wave 3 are clearly visible, as well.
In addition, the market took the...
www.tradingview.com is currently trading at session highs above 0.7055, having neutralized the immediate bearish view with a 0.30 percent gain on Friday.
The bullish doji reversal confirmed on Friday has opened up upside towards at 0.7100. On the Other hand,...
Short term Elliott Wave view in AUDUSD is calling the move lower from April 17, 2019 high (0.7206) as an impulse Elliott Wave structure. In the chart below, we can see rally to 0.7199 ended wave 2 bounce in Minor degree. Wave 3 is in progress and subdivides as an impulse in lesser Minute degree. Down from 0.7199, wave ((i)) ended at 0.7126 and bounce to 0.7139...
Anticipating shift in trend downwards as price action demonstrates a strong momentum swing down. Additionally, MACD + Triple Time Frame RSI provide additional support for my idea
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