This pair has been travelling in a descending channel since November 2018, with price contained by the 200 MAV
The most recent declining wave has been a power move into an area of considerable resistance
1. Bottom of trend channel
2. A Support level that dates back to 2009
3. The monthly S1 Pivot
4. Low of the High Wave Pin bar Jan 2019.
The daily close yesterday created a significant pinbar at this zone of resistance.
It is clear the bulls consider the 67 handle as a fair price for the aussie and are willing to buy....The fact that price has moved so quickly and powerfully into resistance , with significant momentum , suggests a counter intuitive thinking the bears are spent for the moment , and price will quickly reverse.
The first 3 candles of next week will confirm or otherwise a move back to the top of the trend channel, possibly in a minor 3 wave corrective ABC move...
The most recent declining wave has been a power move into an area of considerable resistance
1. Bottom of trend channel
2. A Support level that dates back to 2009
3. The monthly S1 Pivot
4. Low of the High Wave Pin bar Jan 2019.
The daily close yesterday created a significant pinbar at this zone of resistance.
It is clear the bulls consider the 67 handle as a fair price for the aussie and are willing to buy....The fact that price has moved so quickly and powerfully into resistance , with significant momentum , suggests a counter intuitive thinking the bears are spent for the moment , and price will quickly reverse.
The first 3 candles of next week will confirm or otherwise a move back to the top of the trend channel, possibly in a minor 3 wave corrective ABC move...
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