AUDUSD: Strong downtrend active, but for how much longer?
Updated
After analyzing the vixfix spikes and 75% retracement levels, and their effects on price when retesting said levels, and contrasting these to the time at mode signals on this chart I concluded that the downtrend in the Australian dollar might be short lived, althought potentially very steep.
I projected two targets on chart, as well as the different potential support levels, derived from range expansion bars, as well as vix fix spike retracements, and a linear regression of the current weekly trend.
It's clear to me that for now the opportunities are to go short on retracements until the downtrend time expires, or we reach the range target at least.
The dollar rally, if tied to the S&P500 and the US treasury bonds rally might be short lived based on my analysis on the subject, but don't be quick to discard this trend right here. I anticipate an accelerated decline in this pair, so I'll continue to look for short opportunities while my time at mode downtrend signal is valid. Multiple time at mode and Elliott Wave signals point to a strong rally in the S&P, with positive correlation in TLT, until it peaks. I keep getting time at mode uptrend expirations by the end of August, and if the expanding terminal wedge is confirmed, the start of the US equities bear market might match with said dates.
Will update this thread with audusd opportunities from now on.
I projected two targets on chart, as well as the different potential support levels, derived from range expansion bars, as well as vix fix spike retracements, and a linear regression of the current weekly trend.
It's clear to me that for now the opportunities are to go short on retracements until the downtrend time expires, or we reach the range target at least.
The dollar rally, if tied to the S&P500 and the US treasury bonds rally might be short lived based on my analysis on the subject, but don't be quick to discard this trend right here. I anticipate an accelerated decline in this pair, so I'll continue to look for short opportunities while my time at mode downtrend signal is valid. Multiple time at mode and Elliott Wave signals point to a strong rally in the S&P, with positive correlation in TLT, until it peaks. I keep getting time at mode uptrend expirations by the end of August, and if the expanding terminal wedge is confirmed, the start of the US equities bear market might match with said dates.
Will update this thread with audusd opportunities from now on.
Trade closed: target reached
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