Price playing out. Recession Targets advised. Blue line- First target insight. Green line indicates to massive sell off target if global markets roll over. A strong possibility given sentiment.
Top 40 Downside Model. Break of support structures will see more pain in equities. Fundementals: USD strength, EM weakness, FOMC (75?100?) CPI Sep?
As we see price is clearly forming an ascending wedge pattern, coupled with strong fundamental USD strength. we expect price to break the triangle and continue upside.
A break out of this area of consolidation could provide strong momentum for further upside movement out of the overall channel. retest for precise entry.
Price broke out of descending line, with a good wick rejection providing conformation to upside Huge RR 6:1 Trade Safe and be patient!
Price is currently in a range at the top of the channel, and has been so for a while. if price Retests the top of channel it will be a good entry point for a good 5:1 RR ratio with a stop loss just above the channel. you may adjust your SL according to your risk management.
If prices makes a pull back to form a higher low we can expect price to rise and form another higher high, and continue on a uptrend within the FIB levels. Use level carefully!
Price has settled on a strong support level. will look to go long extending to previous support level then forming resistance!
Key Notes: Fed Numbers likely to push AUD to supply, correction to Fib, followed by expansion all the way up!! STAY SAFE!!!