InvestMate|AUD/USD No time for growth to continueðĶ
FX:AUDUSD
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ðĶAUD/USD No time for growth to continue.
ðĶ Once again I have to write this. After I predicted rises on AUD/USD with a slight slip the link to the post below, all based on the fundamentals I wrote about in my previous post on the dollar:
ðĶThis time it was time for a corrective scenario.
ðĶI will describe each technical tool I used in turn.
ðĶ1. I determined an uptrend channel from the bottom
We can see that it was respected with scalpel precision.
ðĶ2. I then measured the fibo waves from the bottom to the current peak, these were also clearly respected, will they also be so respected on correction?
ðĶ3. I measured the largest downward correction and determined the 1:1 level of equality of this correction.
ðĶ4. I determined a support zone based on the cluster of the 0.5 level of the upward wave and the 1:1 correction.
ðĶ5. I determined a resistance zone at current levels based on previous support and the fact that we have broken out of the upward channel.
ðĶThe scenario I am playing out is a correction to the area of support after which I expect the upside to continue, I don't think we could continue the current upside with bearish sentiment still prevailing.
ðĶ*Please do not suggest the path I have drawn with the lines this is only a hypothetical scenario for further increases.
ðIf you appreciate my work and effort put into this post I encourage you to leave a like and give a follow on my profile.ð
ðĶ Once again I have to write this. After I predicted rises on AUD/USD with a slight slip the link to the post below, all based on the fundamentals I wrote about in my previous post on the dollar:
ðĶThis time it was time for a corrective scenario.
ðĶI will describe each technical tool I used in turn.
ðĶ1. I determined an uptrend channel from the bottom
We can see that it was respected with scalpel precision.
ðĶ2. I then measured the fibo waves from the bottom to the current peak, these were also clearly respected, will they also be so respected on correction?
ðĶ3. I measured the largest downward correction and determined the 1:1 level of equality of this correction.
ðĶ4. I determined a support zone based on the cluster of the 0.5 level of the upward wave and the 1:1 correction.
ðĶ5. I determined a resistance zone at current levels based on previous support and the fact that we have broken out of the upward channel.
ðĶThe scenario I am playing out is a correction to the area of support after which I expect the upside to continue, I don't think we could continue the current upside with bearish sentiment still prevailing.
ðĶ*Please do not suggest the path I have drawn with the lines this is only a hypothetical scenario for further increases.
ðIf you appreciate my work and effort put into this post I encourage you to leave a like and give a follow on my profile.ð
ðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦ
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ðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦ
ðē To keep up to date with all my activities I invite you to visit my Telegram ðē
ðē www.t.me/Investmatez ðē
ðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦðŦ