AUDUSD seems to be consolidating within a symmetrical triangle. Price recently bounced off of the .8660 low, forming a double bottom, normally a reversal pattern, but failed to create higher highs. If price were to continue downward the next strong support level is a 2010 low at .8369. So wait for price to breakout of the triangle before entering and place a stop...
Is the bearish trend over for AUDUSD? With the lows set in January being tested today the NFP print at the end of the week may well act as a catalyst for a bounce. Darren Wells www.zenpips.co
SUPPORT RESISTANCE TRADING WITH HIGH AND LOW
Although the AB retracement of XA is almost 61.8%, indicating it to be a Gartley but the good fib confluence is at 88.8% of XA rather than 78.6% so it is more beneficial to sell it near 88.6% of XA. It will reduce some risk. sell near 5.51181
Low risk trade opportunity, 0.886XA, 1.618 BC and AB = CD all are converging in the tight area and structural confirmation is also here. Although Gartley ends at 0.786XA but to lower the risk and all the resistance was near 0.886XA, so I shorted at 0.886XA.
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..
I expect LOW to trade back down to the $41.65 area pending confirmation below the trend line. Kiliam Lopez Pro Trader, The Elite Round Table www.inthemoneystocks.com
The price is good with a chance of a 10 $ profit over the next few months
This expanded version of a my prior published idea "GENERIC POST-BUBBLE STRONG REVERSAL INDICATOR" helps illustrate its point more clearly. I've linked it to the aforementioned related one, which you should consult to obtain the original details/description. ※ Since indicators do not refresh, you may view an active version of the chart here — www.tradingview.com...