11/17/11
11:24EST
AUD/USD:
Yesterday we failed to reach the down price target at 99.52 (we reached 99.62)
Last night we developed a small bottom pattern and reached the up price target at 101.06
It reached the immediate term (11/14 to now) resistance line and bounced off of it (bearish)
It’s best to take a look at the chart
The dotted brown line is the key resistance line from 10/28 but at one point in time it will become the key support
It must reach 101.66 to reverse the current bearish compression (to neutral)
The key level to watch is the new OAV at 100.17 (thick green line)
In theory (we still have another 90 minutes before we really know anything, but we just bounced off of it; if it holds above this key level then the move is up to 102.22
Currently I don’t see this happening, since 11/17 the internal structure (linear) is in an development phase, meaning it must down ward to sideways; I’m expecting it to head down to 99.59
In conclusion:
It continues down probably within the channel in the chart between the floating BB (green dashed) and the new Resistance trendline solid brown
Until we reach 99.59 we don’t know what to expect afterwards..
The ES is much more bearish than the AUD/USD
AUD/USD: Daily Report
Started by
Master Che
, Nov 18 2011 11:25 AM
1 reply to this topic
#1
Posted 18 November 2011 - 11:25 AM
Master Che - market updates - masterchetrading@gmail.com
#2
Posted 18 November 2011 - 11:35 AM
11/17/11
One key note I forgot to mention
The last move up from the bottom at 99.63 up to 101.06 is clearly a bear bounce pattern,
I’m Still waiting for a confirmation for the pattern
Remember below 98.94 we melt down quite a bit (97.57 the stop)
At 97.57 to 97.50 it either trades sideways a long time or continues the melt down to 95.25
11:24EST
AUD/USD:
Yesterday we failed to reach the down price target at 99.52 (we reached 99.62)
Last night we developed a small bottom pattern and reached the up price target at 101.06
It reached the immediate term (11/14 to now) resistance line and bounced off of it (bearish)
It’s best to take a look at the chart
The dotted brown line is the key resistance line from 10/28 but at one point in time it will become the key support
It must reach 101.66 to reverse the current bearish compression (to neutral)
The key level to watch is the new OAV at 100.17 (thick green line)
In theory (we still have another 90 minutes before we really know anything, but we just bounced off of it; if it holds above this key level then the move is up to 102.22
Currently I don’t see this happening, since 11/17 the internal structure (linear) is in an development phase, meaning it must down ward to sideways; I’m expecting it to head down to 99.59
In conclusion:
It continues down probably within the channel in the chart between the floating BB (green dashed) and the new Resistance trendline solid brown
Until we reach 99.59 we don’t know what to expect afterwards..
The ES is much more bearish than the AUD/USD
Master Che - market updates - masterchetrading@gmail.com