Market insights
Australian Dollar: Bearish Bat Near the Top of StructureThis bearish bat completes at the top of the daily structure, which is also the PRZ of the larger bearish bat that completed 06/29 and already hit its first target. The RSI is currently in overbought territory -- bearish divergence and a crossing down below the 70 line would be a nice confluence to this trade.
The trend has been bullish so it is important to wait for price action signals before taking action.
Australian Dollar: 2618 Trade After Bearish AB=CD/Double TopA bearish AB=CD pattern completed and seems to be respected with price making a double top. I just entered short @ 0.7459 (this chart is delayed but it is the current market price), which is the .618 retracement of the drop since the double top. My stop is 0.7567. Wish me luck!
Aussie/Kiwi Bearish MFI IndicatorI see the Money Flow Index starting to make lower highs while the Aussie/Kiwi hasn't really followed it lower. This tells me volume is coming out of the strength, so this pair could revert lower.
Australian Dollar Bearish FlagJune Australian D created a bearish flag Friday. Next downside target for the bears is .7464 at major support. AUD is forming a bullish Gartley pattern. Target 61.8% FIB
Australian currency forming high probability of market symmetryA61! Market seems oversold and is on a breaking point. The next couple weeks should be critical for the currency future direction
Australian DollarJune Australian Dollar is reversing off of a Bearish Cypher pattern. Projected to fall 38.2% area. Depending on if the USD H&D produces itself on a downtrend, this market will move higher and start creating a bullish Cypher/Butterfly.
March AUDThere is a large head and shoulders developing on the USD index that should in the coming weeks propel the AUD, CAD, NZD, BPD, EUD, upward. The left shoulder and head have been created. Looking for the right shoulder in the next two weeks. Elliotwave was breached in the last two days by having position 4 enter position 1s territory. Gartley pattern still intact. Could be a small 38.2 retracement before rising. Depending on where the neckline is on the USD shoulder comes will dictate how much further AUD will fall. AB leg of the Gartley may also not be complete. Could run higher.
March Australian Dollar got closer to Elliot Wave 4March Australian Dollar very close to the pull back Elliot Wave position 4. Possible short action between here .7281 and .7295. If Australian dollar overcomes this to 50-61.8% retracement, Elliot Wave less likely to kick in. USD fell today but kept within consolidation. This should be kept under consideration.
March Australian Dollar Elliot WaveMarch Australian Dollar rose slightly against the USD. Looking for AUD to finish Elliot Wave position 4 somewhat like the 1-2 move, choppy. Move has been contained within the bearish flag setup.
March Australian dollar Elliot Wave setupMarch Australian dollar creating a 1-5 Elliot Wave with possible Gartley pattern end wave. Looking for a sell at .7283 position 4 just below previous low down to .70 position 5.
E-Micro AUD Short on the Daily ChartWe just had the first retracement back to the 50 SMA and a nice downward movement to a demand zone with a 76.40% Fib Ext. If the pull back takes place now then look to short at the Supply Zone around the 50% Fib Retracement level which is also a 38.20% Fib Ext cluster. But if price keeps dropping we could hit S2 floor trader pivot which would also be a measured move or hit the second Demand Zone show below that has a S3 FTP as well as a 138.20% Fib Ext. Look for the pull back off one of these three points and take the trade short useing your chosen method of entry, stop and target.
MG1! Short using multiple time frame analysisI am looking at the set up on the long term chart (daily). Using the 50 SMA as the dominant energy to show the trend which is down. We are seeing the first retracement back to the 50 SMA. A triple cross on the stochastic with %k and %D facing down and at the top of the cycle. We have Mom down on the medium and chart as well as %K and %D. Unfortunately I wanted to set the entry point on the short term chart (60) when %K and %D where angling down but user error prevented me from doing so. I feel confident with my stop which is just above the structure high. The target will be taken on the long term chart to maximize profits just above the S1 floor trader pivot.
Australian dollar analysisAfter an impulsive move down to break a 6 month support, the Canadian dollar has found some support and spent the last 5 days in retracement. As price approaches the 38.2 Fibonacci retracement level of the current downtrend, we see that same level shows to also be previous key support and resistance. Watching the .75 key level for reversal and downtrend continuation.
Australian Dollar buy setupHere we see price approaching 4 month support level, the last test of the support reversed at a higher low, this current test of support has again paused at a higher low then the previous test. There are also reversal candlesticks at the current level, if price breaks above the current range high of .749, looking to go long.
