Last time i was saying that AUDUSD might be retesting back its 1.0351 level which in this case it was slammed down and go under and below this level without any confirmation of turning. Let's look at the details and 1 by 1 we decipher the data being put forward by the chart. Let's GO!
Overall in the daily chart few things can be said,let's split them to four separate sections, first
Resistance and Support,
R1=1.0376, R2=1.0462
S1=1.0228, S2=1.0185
Wave form: A E wave as depicted in this chart is still in progress and it seems to be forming a lower high in this progression.
Indicators: Indicators are both showing divergences in MACD and RSI, which means that this pair is bearish bias.
Time and price factor: A critical time bar at 60 days from the top at the part where I labelled in red 'D' confluence with a 29 days from prior top on 14 sep 12. This is indeed a turning point down. As both numbers were either a lucas or fibo number.
Let's take a closer look at the wave internal build up on a 4hr chart as the daily chart is not very visible.
As mentioned 1.0353(1.618 of wave 2 was back tested and broke down. Again let's systematically decipher the data provided.
Wave form: A valid 5 wave up should still be valid as long as 1.02800,which is the top of wave 1, is not violated.
Indicators: No bearish/bullish divergence yet to be observed in both MACD and RSI.
Time and price factor: A time point at 60-61 time bar from bottom of 8 oct and 11-12 time bar from prior top will be taking place at 15:00 of 22 oct. Do take note of any favorable bullish candle for the candle to turn up to complete its wave 5 of larger degree wave 3. This time factor might also confluence with 1.0313 which is 61.8% of wave 3.
No comments:
Post a Comment