This pair has broken the neckline of a massive head and shoulders pattern. Today the neckline was retested and failed to penetrate. Considering the size of the H&S structure. Much more downside.
I am monitoring this pair for potential upside.
Major upward trendline was broken. I feel this will continue to drop.
The New Zealand Budget came out last week. Some experts feel it is too optimistic and we will see additional Kiwi weakness. Additionally, DXY strength doesn't seem to be slowing down. We could some retracement to the upside. My bias is more downside. I'd like to see red trendline provide some resistance. P
Many Feel this pair is ready for reversal. My belief is the it isn't. This move is more about USD strength rather than AUD weakness. Look for more downside. If the reversal has in fact started, it would be wise to sell this pair with a tight SL.
This is a trade I am in. I don't believe this will go back up above 1.30. The light blue box shows the resistance at that level. Last week was strong rejection. I could see this going up a bit more this week. But it's just slight pull-backs for further downside. I have marked my TP area with the the green line. This will take a few weeks. I will add shorts on...
Australian dollar should get some strength to retest. I believe it will be rejected for further downside.