I am looking for a bullish week overall.
Weekly
We are still in a clear down trend and now we are at a resistance level.
Daily
I see us expanding to take out these nearby swing highs, and then looking for reversal signs to maybe retest the weekly level.
Correlating with the US500, we could see an even more ample move up, but for now these are the kind of...
Expecting a green week, reasons below.
Weekly
Zooming out and looking at this year's range, on the weekly we could see an expansion over the 50% equilibrium, only to be followed by a strong sell off (considering all the macro factors).
Daily
My outlook for a bullish week:
Ø We are already so close to the weekly swing high
Ø Weekly factors mentioned...
I'll be honest I can find reasons for both a bullish week and a bearish one. If I had to choose, I'd say bearish to go with the current high time frame trend, considering we already had a decent correction up.
Bullish arguments
> Unfilled space on the weekly, could fill the weekly FVG to also get over the 50% range there, into a weekly premium
> Another swing...
At this point I am not sure where price will end up so I want to cover different possible scenarios, then watch which one plays out.
I think big picture we still remain bearish on equities, don't see big changes that would indicate otherwise.
We just rejected off 4.000 relevant level, which coincides with top of first daily fair value gap.
Whether we move...
In line with the post where I predict what I expect to see this week in AUDUSD (see in related ideas), I see this possible entry on the 12H timeframe.
If we go in that area, can refine an entry to a lower timeframe.
Would probably wait to go there and see a bounce to confirm entry.
GL
Think it's time for a correction in AUDUSD.
> There is a lot of short liquidity waiting to buy at a higher price.
> Can see price driven to at least premium at 50% range, where we also see nearest clear daily swing!
> Weekly a lot under EMA, time for a green week bounce
> SFP on D1 chart
