Price dropped aggressively from retest of broken 200 EMA, previous 3x Top neckline and as well as the pitchforks trend line that was broken. Price broke through 61.8 FIB, will be watching for slight pullback to retest 61.8 FIB which will also retest broken 2x Top neckline. RSI bounced off 50 Level, staying under.
The dollar is gaining strength thanks to the...
Price may go both ways. Weekly chart shows a nice bullish bounce off a supporting range zone from about 2 years now. Now price is mainly being rejected off the 38.2 Fib from the long downtrend on the daily chart, which a rejection off 38.2 FIB tends to be the strongest in continuation of a trend so I may be entertaining going short instead of long. Whichever way...
So our last analysis on AUD/USD about 3 weeks ago with the Inverse Head & Shoulders to complete Wave 4 caught us 130 Pips. Now we have multiple confluence to enter short for the completion of Wave 5. BUT HOLD ON A SECOND!!!..... We are waiting for bearish confirmation off the retest of 2x Top Neckline and RSI bounce to the downside off 50.0000 on market open...
So we analyzed this pair about 2 weeks ago and we now have the confirmation we were waiting for to enter long. As always use proper risk management. There is major news coming out next week so expect volatility.
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