was working on this analysis awhile. Honestly after plotting trend lines and S&R I was having a hard time finding any REAL pattern, but based off market patterns I've seen before, as well as the EMA's its looking like a short consolidation and more rise to either the macro downtrend line and then more drop, OR rise up over the potential new uptrend line. keep an...
I am still learning the markets but a quick mark up of AUDUSD has me lead to believe that the pair will drop slightly and consolidate, before dropping to the macro trend line and bounce off to continue rise.
What I'm seeing on the AUDUSD 0.17% chart tonight after viewing several different timeframes is potential for more downside before rise. I am looking for price to pin off of the current resistance trend line , then drop to the macro support trend line to change trend and continue rise. Although if price drops to macro trend line I would see how price behaves...
Overall AUDUSD is in a bearish trend, I noticed a nice H&S on the 1HR chart about and hour ago and it's continued to rise. I put a few sells in and was stopped out because of tight SL's. If the micro trend line is respected it will continue bullish. However if the trend line is broken, expect a drop then retest at the macro trend line and see if it breaks.
I drew the trendlines along with support and resistance areas, very basic as I am still learning mark ups. I am looking for a retest around 111.970 then a gradual drop to the 111.600 zone
