Confidence will return in US$ not in AUD.. it has nothing to do with AUD..
Technically AUD/USD is bearish as well
I am reading the full report as i type..
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I know what you are trying to say but I had opened 2 long positions at 8880 (61.8% of 8510-9099) and already took some profit. So there is little risk for me at the moment. Although your GBP prediction in the other thread is legendary, so with all due respect, we shall wait and see what happens on Friday
. Thanks so much
So still holding aud/usd short...
)
Allow me to share my point of view regarding AudUsd over 1-week medium term view, and daily view.
You know it's a matter of probability after all, we invest effort and different opinions do not make any problem.
On my 1W chart there is a valley / strong support area formed at 0.7673. I implement simple elliot wave rules from there it looks like 1 completed at 0.9400, 2 corrective finished already at 0.8511 bottom, a long legged doji plus a fully bullish close despite this week on the downside. But initial impression is a 3rd wave up is on its way, a minor pullback can happen but not threatening 0.8511 (Almost certain
However, I am not playing against weekly charts here unless it proves me wrong, and wave 2 is not finished (not expected) for this.. It has to penetrate 0.8511 bottom, but again, the long term view is bullish, extra bullish for aussie with two impuslive waves not started yet 3 / 5 and probably targetting 1.0+ usd over time.
Resistance is formated at 0.9100, support 0.8770.
So now we have bullish EWave structure favouring long, candlesticks on weekly, the doji formed from 50% fib retracement of Wave1 impulse, so a alot of factors tell me this is bullish.
Wave3 targets above 0.9400, speaking of longer-term, it is going to bypass the 1.0 USD mark. This is just my opinion.
My view is represented on following chart for all if you do not like reading that much
On dailies it looks like minor wave 2 correction, not sure its completed or not, but even if its not. I favour buying dips, not vice versa.
Allow me to share my point of view regarding AudUsd over 1-week medium term view, and daily view.
You know it's a matter of probability after all, we invest effort and different opinions do not make any problem.
On my 1W chart there is a valley / strong support area formed at 0.7673. I implement simple elliot wave rules from there it looks like 1 completed at 0.9400, 2 corrective finished already at 0.8511 bottom, a long legged doji plus a fully bullish close despite this week on the downside. But initial impression is a 3rd wave up is on its way, a minor pullback can happen but not threatening 0.8511 (Almost certain
However, I am not playing against weekly charts here unless it proves me wrong, and wave 2 is not finished (not expected) for this.. It has to penetrate 0.8511 bottom, but again, the long term view is bullish, extra bullish for aussie with two impuslive waves not started yet 3 / 5 and probably targetting 1.0+ usd over time.
Resistance is formated at 0.9100, support 0.8770.
So now we have bullish EWave structure favouring long, candlesticks on weekly, the doji formed from 50% fib retracement of Wave1 impulse, so a alot of factors tell me this is bullish.
Wave3 targets above 0.9400, speaking of longer-term, it is going to bypass the 1.0 USD mark. This is just my opinion.
My view is represented on following chart for all if you do not like reading that much
On dailies it looks like minor wave 2 correction, not sure its completed or not, but even if its not. I favour buying dips, not vice versa.
....anyway i must say that i would be on the short side as well... Technically, on monthly and weekly charts i see no bullish bias in that pair, on the contrary it shows a good selling opportunity. Plus, when i looked at this weeks COT report, it shows that the open interest percentage is in extreme position. This means that there are not much more buyers left and a correction or a bigger downfall is due to come. Of course i could be wrong but it is just the way i see it. Take care and be more friendly Looks like not a very user-friendly forum where people can share their information. I apologize for trying to post my analysis for the aud. And the upcoming price move will unfold, we just have to wait.
Sorry to know this forum does not accept the other opinion.
Rule in trading: when I go long, I want all people to agree .. yea long. a very common mistake while the real picture is simple and clear with very little effort.
We humans, basically, do not want opposite opinions. and truly the aussie is not going to move for personal wishes.
I ask you when are so certain my analysis is wrong, kindly attach the right picture from your view so that we can share. Not just "your analysis is totally wrong because I am short..and its my personal aim to short..and nothing can change it"
Goodbye, and good luck
