Record expansion in Australlia continues after data showed that australian economy grew by 0,3% the first quarter.Meanwhile AUD/USD is trading at 0,7550. Although it's rally,we can see that the australian dollar is ready for a ''digestive'' pull back after that rally forming a bearish advance pattern and goinh towards a resistance area. As we see at the chart we ...
We see an obvious down trend happening so that validates partially any bearish ideas. What I see forming is a bearish butterfly that appears it will break support possibly then turn bearish. As always watch for at least C leg to be reached before getting too excited. I will be watching this one closely as I see pretty large potential for profit.
June Palladium is still on the move upward. Now building out a Bearish Butterfly, but needs to break resistance at 808.35 and stay above this to gather more steam. Upside target for bulls is 831.95 and then 846.55. Downside target for bears is 784.75 outside trendline. A wedge is forming here suggesting an upside surge. Overall target is 869.90
Legs A,B have completed. Leg C is in process but has verified a Fib retracement .382 Leg A-B (.75245) Leg C still has potential to operate downwards towards Fib retracement .886 Leg A-B (.72274) Current targets are now Leg B-C 2.618 (.83196) if we do not retrace down to .72274. Otherwise the target changes to a much higher price point. Enjoy and GLTU