Hello everyone, we are back with another blog post, this one, being at a completely reasonable time for once. It is a beautiful Saturday and I look forward to charting quite a bit as a way to prepare for this coming week. I have a feeling that these next couple of weeks are going to be quite exciting, but only time will tell!
Elliott wave analysis: It appears to...
A possible repeating pattern can be seen of a descending scallop, this is supported by a rising RSI. Other chart patterns present include a diamond top reversal, an Adam & Adam bottom, and an Eve. The Diamond Top led to the formation of one of the descending scallops.
Could be a great opportunity to short the AUD against the Honk Kong Dollar
Waiting a signal at the horizontal resistance but if price pushes above then i will be waiting for a signal at the diagonal resistance - incase the big boys are trying to catch people on the wrong side of the market.
Will see how this materialises over the coming days