$AUDUSD suffered a 3700 pip decline from its 2010 peak and it seems like the end is near.
Why am I saying it?
Two reasons:
First - 0.7 Is 200 pips away and its the 78.6 Fib and also a major monthly support zone.
Second - The bullish setup shown in this chart:
AB=CD pattern, Fibs extensions confluence zone and daily Outside bars can play out to be a nice bullish setup for a short term/mid-term pullback move of about 200-400 pips.
With stop loss below 0.716 you get all the patterns covered but there are other ways to play it if you are a short term trader and not a swing trader.
Read the full analysis and more interesting trading ideas for stocks and FX in this week's WMA newsletter:
goo.gl/SLSwmk
Become an Elite Zone member:
www.themarketzone.net/
Subscribe to the newsletter (free):
www.themarketzone.net/
Why am I saying it?
Two reasons:
First - 0.7 Is 200 pips away and its the 78.6 Fib and also a major monthly support zone.
Second - The bullish setup shown in this chart:
AB=CD pattern, Fibs extensions confluence zone and daily Outside bars can play out to be a nice bullish setup for a short term/mid-term pullback move of about 200-400 pips.
With stop loss below 0.716 you get all the patterns covered but there are other ways to play it if you are a short term trader and not a swing trader.
Read the full analysis and more interesting trading ideas for stocks and FX in this week's WMA newsletter:
goo.gl/SLSwmk
Become an Elite Zone member:
www.themarketzone.net/
Subscribe to the newsletter (free):
www.themarketzone.net/