AUD/USD 12.8.22
Updated
Overall Bearish on A/U, the Daily timeframe is still showing bearish divergence,
Daily price: higher high (line chart), Daily RSI: lower high,
A/U has been consolidating around it's Daily Downtrend (solid orange line),
A/U has yet to make a major price move from this area,
the longer the consolidation the greater the move,
at this current moment A/U is at the mid point of this consolidation,
my bias is A/U could make its way to the Red Horizontal Dashed Line (.67714),
A/U then could reverse from it's minor uptrend and head to the bottom of the consolidation zone (.65940),
respecting the major downtrend.
Daily price: higher high (line chart), Daily RSI: lower high,
A/U has been consolidating around it's Daily Downtrend (solid orange line),
A/U has yet to make a major price move from this area,
the longer the consolidation the greater the move,
at this current moment A/U is at the mid point of this consolidation,
my bias is A/U could make its way to the Red Horizontal Dashed Line (.67714),
A/U then could reverse from it's minor uptrend and head to the bottom of the consolidation zone (.65940),
respecting the major downtrend.
Note
A/U could reach as high as .67936 touching the bottom of a supply zoneTrade closed: target reached
inverted head and shouldersTrade was taken from the break of the neckline .67395,
the previous two resistance,
Tp around the Red Horizontal Dashed Line .67714
Trade closed: target reached
short position at 1hour supply, price .67936
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