EURAUD Heading Lower Next Week?The EURAUD appears to have closed below channel support that extends from the February low. However, the 1.3900 support area isn't far below Friday's close.
I booked profit on my EURAUD short at 1.3907 last week for +190 pips. Depending on how Monday opens I'll be interested in shorting the cross again for a potential move back to the 1.3670 region.
Aus
ASX200 development in the next week(s)Previous break out of resistance is showing to be relatively strong. New resistance line is shown in green around 5354 with support at 5184 (blue line). If it breaks this support level, an extreme case would be a negative movement to 4893 (red line). If resistance is broken, we would see a much higher high of 2016.
$GBPAUD Wolfe Wave and Geo Off-Set RuleHello Traders,
Here we have 3 Wolfe Wave's(WW)
WW #1 - In the grey dotted line. This WW is near it's target at #1 Geo Off-Set Rule at point 4. The Geo Off-Set Rule here plays a role in the next 2 WW's.
WW #2 - In blue dashed lines. This WW is internal to both the first and third(in purple) WW's. The Geo Off-Set Rule in the first WW act's as a point of reversal for the internal WW which created a 5" (5 double prime) structure. 5" calls for a Geo Off-Set at point 3. Represented as #2 Geo Off-Set Rule. This second Geo plays a role in the third WW as well.
WW #3 - In purple solid line. This WW formed as price was making its way towards the #1 Geo Off-Set Rule of the first WW. The first Geo will act as point 3 of this third WW. When this target hits, ideally price will hit point 3 of the internal WW and give us point 4 of the third WW. The dashed purple line represents how I see this structure forming.
This is an observation of the Wolfe Wave and the Geo Off-Set Rule. I would be interested to see how the structure forms.
If you agree with this idea please like and follow for more interesting observations. :-}
-Chartistry
EURO/AUS - Key Resistance AreaThis pair is now at an interesting level, i took profit on my long trade late in the week as it hit my target area, we have now reached a key monthly Resistance level and the top of this textbook channel...we could potentially see the next leg down to test the bottom of the channel once more, or we could indeed break the channel and resistance either way i'll be monitoring this pair closely for price action to lead the way!