ASX200 is currently correcting to its local support off the back of an overextended bullish move and collapsing stochastics.
The most probable event is we see price retest local support, before a pause for consolidation and then a break lower towards major support.
We expect major support to hold for long entry, provided the world macro environment stays stable,...
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The EURAUD appears to have closed below channel support that extends from the February low. However, the 1.3900 support area isn't far below Friday's close.
I booked profit on my EURAUD short at 1.3907 last week for +190 pips. Depending on how Monday opens I'll be interested in shorting the cross again for a potential move back to the 1.3670 region.
Previous break out of resistance is showing to be relatively strong. New resistance line is shown in green around 5354 with support at 5184 (blue line). If it breaks this support level, an extreme case would be a negative movement to 4893 (red line). If resistance is broken, we would see a much higher high of 2016.
Here we have 3 Wolfe Wave's(WW)
WW #1 - In the grey dotted line. This WW is near it's target at #1 Geo Off-Set Rule at point 4. The Geo Off-Set Rule here plays a role in the next 2 WW's.
WW #2 - In blue dashed lines. This WW is internal to both the first and third(in purple) WW's. The Geo Off-Set Rule in the first WW act's as a point of reversal...
This pair is now at an interesting level, i took profit on my long trade late in the week as it hit my target area, we have now reached a key monthly Resistance level and the top of this textbook channel...we could potentially see the next leg down to test the bottom of the channel once more, or we could indeed break the channel and resistance either way i'll be...