AUDUSD is presenting us with an opportunity to short.
Price has formed a double top at a significant level of horizontal structure and channel resistance with clear RSI divergence, suggesting buyer exhaustion.
Price has also been moving in a rising wedge pattern.
If price continues to trend down, my first target will be the .382 and .618 Fib Retracement +...
This is an update to my previous idea:
Here price has reversed from the .5 retracement and continues downward targeting the 1.272 extension of the recent bearish impulse. This level has strong confluence with structure looking left.
EURAUD has reversed off of the 50% fib retracement and a head and shoulders pattern is nearing completion.
My initial target will be the most recent level of support with a stop above the right shoulder.
USDJPY has moved in a rising channel to retest the .382 fib retracement level of the AD impulse wave.
Price has recently broken this channel to the downside, and has broken below horizontal support.
I expect the price to retest the broken channel before continuing to the downside.
EURNZD has reversed after retracing 50% of the most recent bearish impulse leg.
We also have a large bear flag that has been broken, and a small bear flag that has been broken as well.
Take profits are as follows:
TP 1: Most recent support
TP 2: 1.272 Extension of AB impulse leg
TP 3: 1.414 Extension of AB impulse leg & AB=CD pattern completion point