descending triangle has broken but has not had a retrace. Waitinf for price to return to the lower descending tl for a possible short back down to the low
Waiting for a long breakout of the daily flag pattern, we have a nice bullish engulfing pattern for more confirmation of a stronger Aud dollar. Once broken I will look for a retracement back to the upper trendline of the flag to go long. On the weekly chart we also have a strong bullish candle for even more evidence of a rally to the upside.
Price has seemed to had a pullback to our massive monthly triangle finally and has now also made a double top on the weekly chart. Based on the double top criteria we could see the cable fall a possible 400 pips to which is also the 50 fib retracement of the weekly ab leg over the next few weeks.
It looks like price made a 50% retracement on the monthly chart also giving a bearish shooting star. This is making me believe that price maybe on a very steep decline back to a previous resistance now would turn support area of .8070.
the euro dollar looks to of made a recent retracement back to the 50% level on the weekly chart. If looking at a price pattern perspective then a ab=cd completion may stop at a 5 month support now resistance area at the 1.4300 level. On my daily charts I also have a daily shark cypher with the D leg completing at the 0.618 level of the XA leg.
