After the
AUD/USD broke to the downside the 0.9300 level and pulled back to it, the pair has
continued with its downtrend. On the 4 hour chart below we can see in detail the perfect price pattern of breakout
and pullback during yesterday on the AUD/USD. We can also see that today the
price has continued going lower and it is getting closer to the 200 period
Exponential Moving Average on the 4 hour chart around the 0.9242 level.
We have been anticipating a visit to the 0.9200 level for the last few
days, from where there is a higher probability of getting a bounce to the
upside. But can also see on the chart that in order for the price to reach the
0.9200 level, it has to break the 0.9242 level first. We will keep monitoring
this pair to see how it keeps behaving.
The break of 0.9295 suggests that a short term top as been formed. The 23.6% retracement level of 0.8659 to 0.9460 was crossed, and if this is confirmed a deeper fall should be seen to 38.2% at 0.9154.
ReplyDeleteMiners are suffering and until the pain starts to ease I can't see any upside on aussie
ReplyDeleteI like your point of view
ReplyDeleteI agree with the analysis, good point.
ReplyDelete