IamShyamD

IamShyamD

Time to build shorts on EURAUD again. RR is ideal here as we seem to have ended a trend sequence and stops can be just above the highs.

IamShyamD

Similar to my earlier EURAUD post - think we ll see weakness here and possibly new downtrend emerging. EURAUD has a series 1s & 2s. Not as clear here but think we ll see 1.67 soon. I was short but took all profits @ 1.7050.

IamShyamD

If the final leg up was going to be an ABCDE; I felt we had just ended the C leg and the AUD strength this week past would have been a D leg. However; the strength and the 1s and 2s suggest more strength to come and infact suggests end of the E leg already. Therefore I am inclined to think that we are going to see significant downside here. Starting sunday i ll...

IamShyamD

More consolidation or straight down? We ll find out soon enough.

IamShyamD

C legs are usually 5 waves but this just looks so unusual. Dont know - staying short here for the moment. Similar to NZDUSD - price action isnt clean imo.

IamShyamD

Eventually bearish but for the moment ideally we ought to see a 5 wave Up leg to complete the 2nd wave. However - this current up leg from Sunday night doesnt appear to be a 5 wave up on hrly chart. So tempted to just book profits here and on GBPNZD.

IamShyamD

Think we d have to see one final E leg before GBPAUD turns. On weekly/monthly I think we would begin to see renewed weakness and GBP would be used as a funding currency.

IamShyamD

Stops below prev lows. We need an ABC to see end of 2nd wave consolidation.

IamShyamD

I must say I am little bit concerned we havent begun downward movement yet. Consolidations that take this long are worrying as typically the next move will be powerful. I remain convinced its down though and am remaining short.

IamShyamD

Not sure if this is an ABC or a 1/2 - eitherway we should see significant downside here.

IamShyamD

Big move on AUD coming up.

IamShyamD

Risk Risk Risk. Probably ought to be short here but this EW suggests NZD weakness. Further IQMS quant models suggest NZD is lagging AUD. SO I favour the long side only here.

IamShyamD

I d take one short at the next high circa 1.6550 and then watch wave structure before final short - probably 1.6600

IamShyamD

Get ready to short wave 2 but ideally above 1.43 and 1.435

IamShyamD

First leg of C beginning. Heading to 1.62 or lower. Surprised by how big this 1st wave is. Shorting Wave 2 later could be the best time to fully allocate.

IamShyamD

Wave 1 of 5 in the C leg. This could get ugly for GBPAUD once that breaks.

IamShyamD

So far so good.. 5 wave decline here suggests we have already broken the trend and we are beginning the move lower already OR its actually an ABC. I would think this is an ABC and we are due one final spike to create a new high. Failure @ 1.695 area would be fine.

IamShyamD

I still think we ll see new highs or a spike to attempt and maybe fail. So I am long here (Small/Tactical) with stops @ 1.4170 for 1.4400.