AUD/USD - Simple FIB Survey @ 3W
Dear Friends,
How I survey unknown territory:
Should price continue down, where is the next potential bottom?
Zoom out to 1W or 3W or 1M TF's. Use you FIB as indicated.
78.6% is a high probability area for the next bottom,
should selling pressure continue !
Alternative possibilities:
Firstly, price have potential to fill the gap and then continue down
A bull trap as I see it.
or
Price may actually fill the gap and hold demand which will activate
our green thesis.
**Which could fundamentally mean institutions have dipped in liquidity
pre-swing reversal.
Keynote: DO NOT BUY BELOW 0.62000!
How I survey unknown territory:
Should price continue down, where is the next potential bottom?
Zoom out to 1W or 3W or 1M TF's. Use you FIB as indicated.
78.6% is a high probability area for the next bottom,
should selling pressure continue !
Alternative possibilities:
Firstly, price have potential to fill the gap and then continue down
A bull trap as I see it.
or
Price may actually fill the gap and hold demand which will activate
our green thesis.
**Which could fundamentally mean institutions have dipped in liquidity
pre-swing reversal.
Keynote: DO NOT BUY BELOW 0.62000!
Note
Yesterday candle did close above 0.62000.
I believe the gap down was n liquidity dip pre-reversal.
Price is currently testing 0.61800 - 0.61600 demand zone.
For safety I will rather look for a long entry above 0.62000.
I will be even more confident in the "GREEN/LONG" thesis if DXY remains below 108.000!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.