AU had a strong push on Friday, thanks go general Dollar weakness.
I think the last leg up should have finished sooner except for the below.
There was some mixed news regarding a Trump-Xi deal.
First it was leaked that Trump actually asked his cabinet to draft an agreement.
Then the White House downplayed that scenario, as if not much had changed.
But in general it looks quite bullish still, and I do think a wave 5 is imminent.
I see three possible support zones where I will be watching the price action for sings of reversal.
The middle green zone (with darker wave 4-5) is in my opinion the most likely scenario.
If the lower green zone is reached, the uptrend is at risk, even if it does bounce a bit.
Background:
I am a longer term AUD bear, anticipating a serious drop yet to come
Since then I have been looking for shorting opportunities such as this recent plan
Then some solid pips of profit came from two way action per this plan
My last plan was to go long again, which worked out very well
Which brings me to my current plan to look for a long scalp, and then short it hard
I think the last leg up should have finished sooner except for the below.
There was some mixed news regarding a Trump-Xi deal.
First it was leaked that Trump actually asked his cabinet to draft an agreement.
Then the White House downplayed that scenario, as if not much had changed.
But in general it looks quite bullish still, and I do think a wave 5 is imminent.
I see three possible support zones where I will be watching the price action for sings of reversal.
The middle green zone (with darker wave 4-5) is in my opinion the most likely scenario.
If the lower green zone is reached, the uptrend is at risk, even if it does bounce a bit.
Background:
I am a longer term AUD bear, anticipating a serious drop yet to come
Since then I have been looking for shorting opportunities such as this recent plan
Then some solid pips of profit came from two way action per this plan
My last plan was to go long again, which worked out very well
Which brings me to my current plan to look for a long scalp, and then short it hard
Note
AU pushed up into the resistance zone immediately above. But low volume due to it being a Monday, and the upcoming elections in US have put a damper of money flows. But good to see the movement following the expected path Note
AU looks to have successfully flipped a resistance zone into support Note
After some crazy movement during US elections, AU is now approaching what I thought was the most likely target 
the Golden Ratio is my Religion
the Trading View is my Nation
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the Trading View is my Nation
the Moderator Tag is my Flag
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag
the Trading View is my Nation
the Moderator Tag is my Flag
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.