Looks like we could be reaching the low of .7000 by the end of this week, especially with AUD news coming within the next few hours we could get the move we are looking for to the downside.
Confirmations:
-Daily: For our MA's we are showing heavy momentum to the downside, we are looking to complete a 78.6% fib extension which is close to the .7000 level, and we...
** Sorry for the noise in the beginning it gets better haha **
Here is my Top-Down analysis of EURUSD, and my thoughts on where we could be moving for the rest of the week and even next week. This will break down my thoughts from the M > W > D > 4h > 1h to see more in depth of long term moves and entries for the sell. I hope you guys enjoyed the video and got...
Entry - 0.7274
Take Profit - 0.7144 - 130 pips
Stop Loss - 0.7342 - 68 pips
Lowe made it clear that not only is RBA OK with a weaker Aussie, they are welcoming and expecting it. Plenty of AUD bulls are trapped on a long push following news that CNY will be propped and are ready to continue to buy (Myfxbook has 81% long). I have a (very small) short position open...
AU produced a small buy setup off of trend line. It may just be a quick scalp but could end up being a lot more but watch out for one more down in this smaller structure. Nzd/Usd also came off that level. See NZD/USD post. I marked the smaller structural levels it will need to test and break on this au chart...
AU short from retest of descending trendline , price rejection met on the major weekly uptrend
We look to get on short to medium term sell positions for now, until further directional bias is given by market regarding long term positions.
Short/Medium term = Short positions
Long term = Neutral
The rise of audusd temporarily ceased due to MPP (P) 0.74689 and WePP (R1) 0.74786.
If it invert from here and attack YPP (S1) 0.72900, expectations for downtrend increase.
However, the penetration to YPP (S1) remains as difficult as the previous idea.
Most recently I will consider transactions with a story aiming for YPP (S1) attack.
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1) MPP (P) 0.74689...
The rise of audusd temporarily ceased due to MPP (P) 0.74689 and WePP (R1) 0.74786.
If it invert from here and attack YPP (S1) 0.72900, expectations for downtrend increase.
However, the penetration to YPP (S1) remains as difficult as the previous idea.
Most recently I will consider transactions with a story aiming for YPP (S1) attack.
<>
1) MPP (P) 0.74689...
