AUDUSD IS Turning Bearish; Back to 0.7?
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Dec 10 2018
After some time, I have decided to share some free updates and analysis with you as I think this one can be very interesting based on clear pattern. I am looking at AUDUSD this week which has a nice and clear five wave drop from 0.7393 levels. Notice that this fall also took out the trendline connected from 0.7023 level which is an evidence of a completed corrective bounce from October low. As such, I am interested in trades on the short side of the pair, especially after intraday rally back to 0.7300 area which can be seen as wave 2) that may stop at that broken trendline. Even if that’s going to be wave B with limited upside, there is still room for a move lower to around 0.7100.
What is also very interesting when it comes to Aussie, is that this one is trading south despite strong Gold which is higher in a fifth wave, so now imagine what may happen to AUD if Gold suddenly finds a top and completes current uptrend. I think that in such case AUDUSD pair may fall very hard. On metal I am looking at 1250-1257 as potential resistance for current five wave cycle up from 1211.
If you want to track AUDUSD with me and stay on track of the wave count then make sure to check our services.
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