Technical analysis on different methods side by side is fun. It creates you a lot of ideas.
Technically, AUD/USD will hit the mark near 0.7816 which is a very strong level suggested by Ichimoku clouds, and Fibonacci Retracement 50%.
I will show you a weekly chart later to give you another point of view and a bigger picture.
Let's compare the previous strong bearish structure in mid September.
How's strong bearish it was?
1) Bearish Shooting Star
2) Another Bearish Shooting Star (double confirmation for SHORT position)
3) Previous Bearish Divergence converted into Bearish Convergence
4) 8 & 20 EMA crossover down
5) Tenkan-sen & Kijun-sen crossover
6) Candlesticks are plunged into green cloud
As we know that no structures will be repeated twice. What we found the current price 0.787 is lying near previous senkou span of the red cloud and Fibonacci Retracement 38.2%. It was also stuck inside the demand zone in July and August last year (highlighted in the left graph). That's why the current candlestick shows a doji. You may also see the previous candlestick, the bulls tried to push the price up higher (formed a long shadow) near 20 EMA but bears draw them down and closed at the lowest. That's means it is the game for the bears at this moment.
From the left chart, our possible targets obviously are Fib Ret 50% & 61.8%. They are also strong supports in last year.
From the right chart, our possible target has only one. i.e. 0.7816. We may need a huge rebounce in order to let the green cloud to form a red cloud. Therefore we expect AUD/USD is in a correction.
Technically, AUD/USD will hit the mark near 0.7816 which is a very strong level suggested by Ichimoku clouds, and Fibonacci Retracement 50%.
I will show you a weekly chart later to give you another point of view and a bigger picture.
Let's compare the previous strong bearish structure in mid September.
How's strong bearish it was?
1) Bearish Shooting Star
2) Another Bearish Shooting Star (double confirmation for SHORT position)
3) Previous Bearish Divergence converted into Bearish Convergence
4) 8 & 20 EMA crossover down
5) Tenkan-sen & Kijun-sen crossover
6) Candlesticks are plunged into green cloud
As we know that no structures will be repeated twice. What we found the current price 0.787 is lying near previous senkou span of the red cloud and Fibonacci Retracement 38.2%. It was also stuck inside the demand zone in July and August last year (highlighted in the left graph). That's why the current candlestick shows a doji. You may also see the previous candlestick, the bulls tried to push the price up higher (formed a long shadow) near 20 EMA but bears draw them down and closed at the lowest. That's means it is the game for the bears at this moment.
From the left chart, our possible targets obviously are Fib Ret 50% & 61.8%. They are also strong supports in last year.
From the right chart, our possible target has only one. i.e. 0.7816. We may need a huge rebounce in order to let the green cloud to form a red cloud. Therefore we expect AUD/USD is in a correction.
交易结束：到达目标
