The pair failed to maintain above 0.77 level, support zone approximately 0.7640/50 and also on the upside 0.77 level act as important resistance.
The pair failed to maintain above 0.77 level, support zone approximately 0.7640/50 and also on the upside 0.77 level act as important resistance.
My opinion
The immediate sentiment is bearish. However, a powerful bullish recovery is right around the corner. Beginning in the midst of next week.
Looking at ";Momentum"; indior, there are bullish divergence formations on many timeframes (1H and 4H specifically).
Not an advice!
Only my opinion!
She moving average on every time frame. The monthly and weekly channels loosely resemble a potential bear flag. AUDUSD can be extremely weak even when the dollar is bearish. So, trendline and encourage zone that's accumulating at the bottom of a channel. We'll see what news brings.
But it's the market and none of them may matter. I plan on driving and getting in.
this sort of divergence is sadly not reliable. Look back at chart time. How often did it fail.Originally Posted by ;
We all see things in different ways mate. This is why some of us triumph, while some of us lose.
I never rely on one indior when I make my assumptions and I've made some decent forecasts in the past.
In this particular case I see that a strong support line on several timeframes. However this service line can develop into a resistance line. However, in conjunction with the bullish divergence formations plus some fundamental analysis, this is what I came up with.
And again that is not an advice. It is my view which of course may be erroneous.
If you look on Daily and Weekly, you may observe that it's on an ascending trend line and fulfilling the support level. On a whole, we failed to break past 0.81 and this may become a bear flag setup for further lows.
0.7700
0.7715
0.7740
These Goals are Legitimate as long as the price stays above S/R Degree 0.7640
Good Fortune
I see possibly accomplishing 0.7985 place, as a Fib 76% to 23% (Dec 8 to Jan 27) appears to be operating.
Also, there's a chance to reach the top of a declining station at 0.7850-0.7875 and bounce back. This is a really important area to check at. If it breaks it is not gont stop until 0.7985 zone.
There's also the possibility of the top of another falling station (TBC) be at 0.78, which fits with 61% FIB short term.
First target HIT.
Let#8217;so see where can we proceed from here. This region was rejected before. Let#8217;s see if it holds this time around.
Average decline has been approx 8 percent within the previous two years. We are off this in the present time, one spike down will take us there, directly into the zone of support and long term trendline too. Watching to further collect long term positions.
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