AUDUSD - Dollar Wrecking Ball 2
Updated
Here is another pair expressing the tidal change to dollar dominance.
Price has tagged long term resistance at 0.5 retracement and RSI retreat below 60 shows it is probably rolling over after yesterdays bearish engulfing candle.
I'll wait for a 0.5 pull back and accept minor loss if it drifts above.
SL @ 0.767 using ATR + a little room.
1st target is the ABC 1:1 @$0.67 however this is a long term hold and I think a major capitulation is coming for all the /USD pairs I'm posting.
2nd - 1.618 @$0.623
3rd - 2.618 @$0.55
But really I'm expecting a lower low and this is just a long term hold to at least partially forget about. If a massive capitulation comes I will probably exit at some point.
Not advice
Price has tagged long term resistance at 0.5 retracement and RSI retreat below 60 shows it is probably rolling over after yesterdays bearish engulfing candle.
I'll wait for a 0.5 pull back and accept minor loss if it drifts above.
SL @ 0.767 using ATR + a little room.
1st target is the ABC 1:1 @$0.67 however this is a long term hold and I think a major capitulation is coming for all the /USD pairs I'm posting.
2nd - 1.618 @$0.623
3rd - 2.618 @$0.55
But really I'm expecting a lower low and this is just a long term hold to at least partially forget about. If a massive capitulation comes I will probably exit at some point.
Not advice
Comment
Comment
So these upthrusts look like they were a 1:1 ABC retracement. Now dominant trend resumes down.
We're into the post FED interest rate cut blow off phase for risk on markets🥳.
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I have many great deep value opportunities ❕
Many Trade Ideas Every Day 📈
Regular videos ✨.
Telegram Group: $50 per month 👍🏻.
Contact: t.me/dRends35
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