Had a position like this earlier although i pulled out prematurely. We have a range here with euro maintaining strength and AUD loosing strength when checking other correlated pairs. Also interest rate cuts should bring the dollar down further hence the short. Lets see how we go hey.
AUDUSD broke out of its major support at where it could potentially fall further to its support at 6.9177 (61.8% Fibonacci retracement, horizontal swing low support).
Ichimoku cloud shows signs of bearish pressure.
AXY is approaching its resistance at 7.0081 (100% Fibonacci extension, 50% & 23.6% Fibonacci retracement, horizontal pullback resistance) where it is could reverse down to its support at 6.9768 (50% Fibonacci retracement, horizontal pullback support).
Stochastic (89, 5, 3) is approaching its resistance at 93% where a corresponding reversal is expected.
AUDEUR : Bullish Shark Formation, Double bottom
On 4h/6h timeframe, Pair shows formation and completion of shark pattern at 224 extension.
Min retracement of 38.2 is expected and eventually 50% and 61.8%
Double bottom is spotted, so it may carry equal measure move which coincides with 50% retracement, which creates a good confluence.
AXY broke out of its major support at 6.9592 where it could potentially fall further to its support at 6.9395 (61.8% Fibonacci extension).
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AXY is approaching its resistance at 7.059 (100% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing high resistance) where it is could reverse down to its support at 6.935 (horizontal swing low support).
Stochastic (89, 5, 3) is approaching its resistance at 96% where a corresponding reversal is expected.
Overall
On w2 AUD was the strongest against all currencies.
EUR on w2 was one of weakest.
For w3 i will have bullish position
Weekly
Looks like bears losing steam, but still in cotrol of market
Exhaustion candle as well
Daily
Uptrend, good power.
4H
Uptrend, seems reversal pattern...
Hello Traders!
Simple trade but this is a big indication of when the sellers are coming back in strong as we have dropped straight back into the sellers territory after the buyers thought they were coming in!
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