ADAUSD POTENTIAL LONG BIASThanks for reading my Analysis.
Today I am looking @ ADAUSD from couple of technical view
1.Trend Analysis
1.Wave count
2.Technical Support level
3.Pattern emerging
Having count a significant 5 Elliot Wave Pattern which the 5th wave moves from 68.2%(0.9721) retracement level and terminated @ 127.2%(3.1763) extension. A GARTLEY Harmonic Pattern has currently emerge from my perspective which is currently sitting on a long term support zone of 1.0054 to 0.74. It is glaring from the Monthly Chart we are in a long term Uptrend while our Intermediate term Trend (WEEKLY) is currently balancing as we are still sitting above a huge daily support level of (1.0054 to 0.74) while our Short Term Trend(Daily Chart is DOWN) and hitting a support zone that ranges from 1.0054 to 0.74.
This Technical Support level of 1.0054 to 0.74 is an inflection point for my Long Bias. We may see a potential quick flush down below it or price may hold steady where we are to start seeing a potential Trend change pattern for continuation to the Upside.
But any break below our support level and a retest to give us a role reversal will be the change to a down trend for me.
LONG ENTRY
A bounce from TECHNICAL SUPPORT
1.0054 to 0.74
SHORT ENTRY
ROLE REVERSAL of BREAK BELOW 0.74 and retest with rejection as a resistance
Also to buttress up my LONG BIAS, we are currently sitting on a long term 633EMA that I use to gauge OVERBOUGHT and OVERSOLD level. Price has hit my yellow 633EMA and I am expecting short term volatility in price between 200EMA (black) and yellow 633EMA.The only Challenge we have is I am still looking for volume to backup my long.
For more information on my trading technics and learn how to trade anything that can be represented on the chart and if you love the brief and precise analysis while not get in touch and I will be more than happy to guide you through our journey
