We can see a reverse head and shoulders pattern forming. If we get a close above the previous highs we will be looking for the bullish breakout to the next zone. As of know, I'm expecting a little fib based retracement. We will continue to monitor throughout the day waiting for any news to possibly shake the price a little.
My partner, MoegoTraderBleezy, has been reviewing the status of the pair leading into the weekend and coming into market open. After hearing his analysis and doing a quick glance and mark up myself, I am inclined to agree with him as far as the pair about to breakout to continue the current bullish trend. We both agreed that waiting for the upcoming news to break...
At the current moment I am neutral but, I'm expecting AUDUSD to start on a bearish trend after a little more consolidation at the current area. Right now, we see a lot of consolidation around the 0.70000 area. This has been a pretty strong area in recent years when tested so an immediate break through isn't expected. As far as indicators go, the CCI and Stochastic...
From our previous post at 0.69689 we already anticipated a bullish move back to the 0.70000 area. It went just there and started it's bearish trend. As we can see based off fibanocci, price bounced from the 50% on the downward impulse wave. This could be indicative of price wanting to continue going up on the overall trend but I still feel like it'll continue...
