AUD has had a significant retracement, and after briefly popping below 0.78000 we seem to be rejecting that low. A potential channel back to at least 0.79000 and beyond seems to be possible. Ideally I'm aware the bears could still be there, so a few things I'd like to see before jumping in long for another leg:
1. I'd like to see the minor swing high point at...
USDJPY came under some pressure on Friday. There may be more downside, but right now bears should beware. just below the swing low around 111.500 we have a spike base/demand zone. if we break below this level and demand is still there + shorts start taking some profits, we may get a nice pop higher. As always, will wait for price action after the break. A touch of...
EURUSD had a failed bullish flag break. Will wait to see price action when swing low of that big run up is tested. Ultimately I'll be looking for a re-test of the original bullish flag trendline and bearish reversal patterns on the lower timeframes ( 1 min and 5 min ) to then take a short down to the 161% extension of the Measured move from the bearish trendline....
AUDUSD had a significant upward move, clearly violating recent resistance. For now the bulls are in control. Expect another re-test of the highs before we make a decision to continue higher, or to head back and re-test resistance as support. Current structure is supporting a move higher in the shorter term.
A series of 'Over/Unders' are forming allowing price to...
Currently watching this potential trade. Spike base support was used already today, and we have a failed break higher. Watching Price action for potential trade back down to the base of the pole. Conservative target would be around the 0.78500 level.
