18.8.2021 Smirk Wed Forecast

Wednesday Morning Forecast - 18.8.2021

AUD/USD
-trending market similar to EU
-are we going to break the low and close well?
-if we break and retrace, are we paying close attention to whether momentum is slowing or not? AU does trend correctively so it is possible to get involved to the downside in a desc. channel. Pay attention to number of counter trend cancdles, how we close and if we have any second pushes to confirm the first.

EUR/JPY
-large range with wicks to both sides, maybe an indication of another extended range?
-desc. channel through the bottom of the range but seeing momentum to the downside
-are we gonna continue the momentum or break and retrace?
-how long are we hovering around the bottom of the range? If not long and we break the low soon, higher chance pressure down is sustaining; if we range around more, more convinced we've lost momentum

EUR/USD
-trending market currently --> can be more aggressive in plays however EU does move in larger impulses than other pairs
-keen to get involved on a continuation flag
-are we impulsing down or being corrective?
-if we reverse up in a v-rejection, are we seeing a range playing out before getting involved in a continuation retracement?