Hi traders, Looking the aussie on monthly chart we can see that he is in a very interesting place which is serving (until now) as an area of support. But what don't make very bullish is that we might reach the 0.50% fib (2001 low-2011 high) which also another fib (connecting on 2008 low and 2011 high), 0.618% is there. So looking the daily and we see a close...
Home prices are falling, less and less applications for homes, and rising interest rates... nothing is going well for the housing hangover...
After that big run, big players cashed in at the top and will want to buy at low prices. I know that there will be resting orders down at 160 level because that was the start of the up move where a fundamental driver was announced. Markets have memories. A double bottom will likely be formed where all the retail traders will buy, maybe off the 200ema, then...
Elliott Wave analysis suggests we are in a correction on Facebook, which should take us quite a bit lower before the rally continues. A bear pennant pattern seems to be developing, with an Elliott wave interpretation there is a low risk/reward trade setup. Let me know what you think..