New structure formed in h1, so it looks like a possible bearish impact after AUD interest rate release. It is however not certain, but a possibility.
Max target is around 1.7440
On balance volume suggests a short as well
Well she looked bullish earlier however she start loosing momentum, and currently seems to be trading inside a bull flag or bull trap zone.
In my view, this price should first technically go down with respect to fundamentals. So, if we see no change in the cash rate and interest rate of AUD remains @ 1.5%, in that ...
Well if my analysis is correct, i think we are trading in the 4th wave, it's pretty choppy isn't it :p. Anyways, let's come to the point. I expect it to go down, as the 5th wave should go south technically.
So technically she's a short, but the question== how much leverage do you use?
well i like the safe side ...
Well after Britain exit EU in the previous Referendum on June 23rd, this past week Bank of England decided to cut interest rate with 25basis points for the first time... In my view, price is currently trading a downtrend flag.....Which means only buy above the middle bollinger band or flag breakout area.
Buy @ ...
Well if you see RSI its giving a buy signal at the moment + according to elliot wave we're trading in the 4th wave==bull trap zone or bear flag.
Resistance zones are 0.7300-0.7400 (actual target for the fourth wave)
Now for the 5th wave to become successful==Bears will be waiting to short below 0.7200 targeting ...
She is currently in the short Zone 61.8 Fib + we have a shooting star candle in the daily
Trading in the 4th wave in my opinion==the flag zone
Expecting price to go down from here
Sell @ 110.00
SL @ 112
TP @ 108.00