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Historicalstructure

AUDUSD Down to 1.272 Extension, or Double Bottom?At the current moment the Aussie Dollar is presenting us with two conflicting scenarios. Bearish Scenario: After reversing off of the .382 Fib retracement, price may continue downward breaking the .6985 level of support. If this bearish trend continues, I expect price to find support near the 1.272 extension of the bearish impulse leg--a level with strong confluence with Jan 1, 2019 historical structure. Bullish Scenario: After reversing off of the .382 Fib retracement, price has found support at the .6985 level. With clear RSI Divergence, this level of support can hold and a double bottom may be formed. In this case, I will target the .382 retracement once again, with a secondary target at the .5 retracement.
by AidanMDang
AUDNZD Head & Shoulders, Strong Structure+Fib Confluence LevelsAUDNZD is presenting us with a great opportunity to sell the market. Price recently reversed off of the . 382 retracement of the most recent bearish impulse leg and began its move back downward. This price action has established a nearly completed Head and Shoulders pattern, which provides us with additional opportunities to sell the retest of the broken neckline. If the Head and Shoulders pattern is completed, and price breaks the neckline, I expect price to reach my first target at the 1.272 extension of the most recent bearish impulse leg--a level that has strong confluence with: 1. The .5 retracement of the large bullish impulse leg. 2. A historical level of support established on April 11, 2018 IF price touches this level, I expect a bounce upward to retest the neckline of the Head and Shoulders pattern followed by movement downward once again. IF price reverses downward after retesting the neckline, my final target will be the projection of the Head range (shown in blue). This level has strong confluence with: 1. Recent resistance between the 18th and 19th of March 2019 2. A strong historical level of support established on June 22, 2017 Goodluck!
Short
by AidanMDang