AS WE SEE. NEW HIGHS ON RSI ON DOWN TREND WE WILL SEE A NEW LOW
Long AudCAD on 4hr/daily break to upside. daily timeframe is better for this one because it has been consolidating more extremely on smaller timeframes.
Hello Traders, Here we have a developing Wolfe Wave for AUDNZD. The goal of this post is to find point 4, which can be rather elusive. Highlighted in grey is a Wolfe Wave that completed. As this Wolfe Wave was forming we created an ab=cd pattern that gave us points 1 and 2 of the developing Wolfe Wave. Point 2-3 formed as the first Wolfe Wave completed at it's...
The AUDUSD FX:AUDUSD daily chart shows several tailed bars which suggest rejection of lower prices. The daily chart looks to be drifting up into the higher side of the longer term trading range at 0.7380. Whilst above 0.7000 prices remain bullish and traders could consider buying with targets to 0.7295 and then 0.7385
Reasons for -As you can see we have Lower highs and lower lows -This shows us a clear down trend on the daily Timeframe -We have bounced from our key level at 2.00000 and have found some bullish momentum -As you can see we also have our trend line underneath Price -So essentially we are still up trending on the higher timeframes -The past day put in a long...
THE MAIN AREA WE ARE FOCUSING ON IS THE RED CIRCLE AREA, COULD BE BEFORE COULD BE AFTER -ABC AND D STRUCTURE POTENTIALLY IN PLAY -THIS LINES UP PERFECTLY WITH MAJOR MONTHLY SUPPORT -FIB 0.618 RETRACEMENT -TARGETS WILL BE FIB LEVELS
LONG TERM - AUSSIE IS CURRENTLY SITTING AT A MAJOR KEY RESISTANCE LEVEL AS HIGHLIGHT ABOVE - - This suggests bulls are coming in and if further bullish price action is seen on lower TFs I will be buying this market long term. - Price action is also confined within YEARLY TRENDLINE SUPPORT (black trendline - seen more clearly on YEARLY CHART) - RSI was last at...
See my previous idea for more info.
Looking at a move up to finish the cypher idea linked. Might get hung up around .73112 which is an area of teeter-totter in the past.
Just had a cypher complete around 0.7274. Watching this very close. It has overextended itself a little higher which can give us a better entry point for a better RR. However if it closes above the X of the cypher it will likely press even higher as this level has been major resistance in the past. If it breaks the resistance level it could drift up to .73 range....
My mood is bullish for that Pair. Basically due to fundamentals like cheap oil FX:USOIL , iron ore, coal and metals like copper FX:COPPER . Main consumer worldwide and in this region is China. China's economy is slowing down after years of +7% growth. www.tradingeconomics.com www.tradingeconomics.com One of China's big supplier is Australia....
Confluences: 1/ trend 2/ 50 ema bounce 3/ doji 4/ deceleration 5/ fib play 61.8% 6/ Bullish MACD 7/ 2.145 as support Took this trade last thursday ( Sept 17 ) but again because of this pullback today, 400 pips are still on the table, 170 pips are currently in profit. I see this pair go to 2.20