With NZD loosing strength we can see AUD being strong here fundamentally. On the daily we can see price has broken out to the upside above 1.08000 acting as resistance and now as support. We can see that price has broken out of the bearish corrective move with a strong Daily engulfing candle. So we can expect a retest of the break to the upside on the daily at ...
If price can show me some more wicks and rejection at 137.000 this would be a good place to go short as long as it doesnt start breaking above that previous high. On the weekly we can see an overall bearish market with a daily counter trend being broken with a strong weekly bearish engulfing candle stick and now seeing the retest of the break out to the downside.
WE can price within a bearish channel reaching a significant price of resistance. we can expect to see some rejection here before coming to the downside.
We can see on the daily how price has been bearish on the weekly and finally broke out of the daily counter trend. With the strong move to the downside we can see that price is no longer bullish and has been ranging for the last couple days. So if price is comes the range we can possible expect some rejection and fall to the bottom of the range.
Weekly we have a lot of strong bearish momentum with the daily up trend broken as we can see the accumulation of orders at the top failing to find the strength to push higher. We can see that price breaks below the boxed zone of consolidation and can see on the 4hr how price is retesting the area of structure where price broke to the downside.
Price has come to an area of resistance and significant price it has also broken the trend on the 1hr time frame this is the correction for the bullish swing trade idea as the dollar keeps loosing strength
bearish move has shown us the direction of the market. and now looking for it to re-test the highlighted area of structure for entries for a bigger bearish move.
