If your like me, you have been longing this pair to hell and back with nothing more then a kick in the man veg to show for it. As it stands all harmonic patterns have failed up until this point, as price drove down through the Christmas period.
All we have left is the AB=CD patterns to state that this drive is not over extended. Price is sitting tat the 1.27 extension. If we look to support we find that 1.13 and 1.27 rest at near term support. If this fails the only thing that could stop price is the 1.62 extension sitting a support dating back 3 years ago.
I think we can all agree that price needs to retrace, will you be betting the turning point and longing this pair? or wait and try to pick the retracement level to add or get into a short position.
For me, Im going to zoom into the shorter timeframes and trade the obvious aussy ranges. If I happen to be in when it makes a breakout I will hold onto the position to see if it amounts to anything.
All we have left is the AB=CD patterns to state that this drive is not over extended. Price is sitting tat the 1.27 extension. If we look to support we find that 1.13 and 1.27 rest at near term support. If this fails the only thing that could stop price is the 1.62 extension sitting a support dating back 3 years ago.
I think we can all agree that price needs to retrace, will you be betting the turning point and longing this pair? or wait and try to pick the retracement level to add or get into a short position.
For me, Im going to zoom into the shorter timeframes and trade the obvious aussy ranges. If I happen to be in when it makes a breakout I will hold onto the position to see if it amounts to anything.