WE MUST BREAK THE MOST RECENT LEVEL OF SUPPORT AT 1.837 FOR PRICE TO CONTINUE DOWNWARD
I recently posted an idea on GBPAUD, but I believe it is possible for price to move further down.
We have a strong rejection candle at the .5 fib retracement, where price continued to fall further to test the most recent lows.
If we take the 1.272 extension of the (AB)...
Price was rejected at 1.84500. This is why 1.84500 is an extremely significant level of rejection:
1) This C level correlates precisely with the .382 retracement of the AB Impulse Leg
2) This level correlates precisely with the .618 retracement of the Impulse Leg
3) This level is a perfect retest of the broken Head and Shoulders Neckline.
4) This level is...
Using the XABCD Pattern, we can distinguish our 5 leg movement, which the last leg movement will begin at point D to complete the pattern. Rejection on the Supporting Trendline will gives us a fantastic opportunity to go long, so we can take an advantage of going long on the price rejection level with a Limit Order, Applying Risk Management.
The British Pound vs. the Australian Dollar. Due to its relatively higher interest rates and its correlation to global equity markets, the Australian Dollar is often referred to as a risk currency. Mining, which is Australia’s largest economy sector, has been negatively affected by a slowdown in the global commodity super cycle and a decline in China’s growth.
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