hi all.
i was reviewing some aus/usd charts today and thought i would post some and hopefully get some feedback to see if my thought process is going in the right direction.
chart 1 weekly aus/usd.
weekly chart is in a confirmed downtrend. wave 1 or a, found support on the .382% fib 87.6 and trended up to wave 2 or b. wave 3 or c, has broken the .382% fib 87.6 , next support target is 83.5 the .618% fib (sorry i donot use the 50%).
the macd is also in a confirmed downtrend, if the 83.5 target is hit we could then see a zero line reversal in the macd.
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chart 2 daily aus/usd
daily chart is in a confirmed uptrend. wave 3 has broken the .382% fib 88.6 (just) and now could be in wave 4, target for wave 5 is the .618% fib 90.4.
the macd has crossed to the upside, so the 90.4 target is on the cards, if this target is hit then we could also see a zero line reversal in the macd (this time from the underside) and a new downtrend could begin.
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chart 3. 4 hour aus/usd chart.
wave 4 has found support on the .382% fib 87.9 and now looks to be trending up to the target on the daily 90.4.
this possible wave 5 could form a bearish divergence in the macd, that would confirm the end of this upswing.
overall review.
we look to be in a shorter term uptrend(target 90.4) but that shorter uptrend looks to be within a longer term downtrend.
any comments would be great, thanks.
have a good one.
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hi all.i was reviewing some aus/usd charts today and thought i...
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