In this chart, the large blue background is a large weekly order block, on the current time frame I marked out a reversal pattern called "the second push" (highlighted in my earlier posts) coupled with a Break Of Structure (BOS).
So what needs to happen is this exact same pattern to form on the lower time frame within the smaller RedZone before looking for an entry.
we're currently in the middle of a month-long correction after the sharp spike in British pairs I believe we are due for another impulse that'll take us somewhere near 1.33xxx. we have 2 completed up waves and expecting a 3rd. with the 1,2,1 wave structure coupled with an expanding wedge, the yellow circle is a likely target.
looking at my moving averages we see price is pinching at the 50% fib level of the previous trend. I believe this is the next likely target for AU, couple this with 30 min divergence. I believe price is winding back for a major move north. i will trust my 30 min indicator with momentum before going long.
although we broke lower out of the range, I am not convinced this is a downtrend. This looks more like a consolidation, before the next impulse that could go either way. I want to see a break of the short tremp trendline upwards before considering taking longs on AU.
we are currently in a zone of uncertainty in AUDUSD, could we break out above this monthly downtrend line with momentum and conformation then this might be the bottom of AU's long downtrend. if not and we break current support out next target might be the lower timeframe trendlines below.
I'm hoping for a break above. but for right now we're doing nothing until...
here we have my follow up chart for audusd, I am looking for an inverted head and shoulders pattern that subsequently ends up to be a mirror image of the left blue box. this does not rule out that price will not reverse lower and potentially make a triple bottom but that would be unlikely in my view.
we've achieved a 3 wave uptrend that began from the first of October. now we are yet once again in an overbought position and any new longs should be taken with precaution if not avoided altogether. I believe for this upcoming week we will see a dip in AUDUSD or probably a new downtrend.
After 2 waves up we are now oversold and audusd is now showing signs of weakness I believe we will have a retracement this following week to at least the moving averages before reversing entirely or going for one more leg up.
After having a bullish rally that lasted for half of september we retraced downwards all the way to 0.71 Fib level. I believe we will have yet another bullish rally this upcoming month. what i would like to see is momentum and a break above 0.6777 to confirm a new bullish trend
It appears we've reached a peak level on EurNzd that we failed to break on 2 previous attempts. currently have RSI divergence i project to fall at a minimum to the moving average projection (dotted white line)