Hi Traders,
The Aussie has made some strong gains against the dollar since the new year, but now that America is officially great again, we may see a reversal soon.
I will look for an entry at the completion of the cypher, but divergence on MACD and RSI indicates it may run out of steam before then. It also has the upper boundary of a long term wedge formation to get through (Red Line), a few minor support lines (black), and a confluence of fib levels in the same area.
Targets shown are hypothetical based on the completion of the cypher.
Good Luck!
The Aussie has made some strong gains against the dollar since the new year, but now that America is officially great again, we may see a reversal soon.
I will look for an entry at the completion of the cypher, but divergence on MACD and RSI indicates it may run out of steam before then. It also has the upper boundary of a long term wedge formation to get through (Red Line), a few minor support lines (black), and a confluence of fib levels in the same area.
Targets shown are hypothetical based on the completion of the cypher.
Good Luck!