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Elliott: common flat correction up 1.0275
Resistances lie around 1.0226 and 1.0243. It should test lower towards 1.0172 zone. A clear break of 1.0194 would be bearish.
Warning: End of trend
Technical points
Key point 1.0207
Entry point 1.0197
Elliott 1.0150
Closing 1.0206
Projection 1.0227
Trendline 1.0175
Trendline 1.0201
Supports / Resistances
Res 2 1.0281
Ex-High 1.0247
Res 1 1.0243
Pivot 1.0209
Sup 1 1.0172
Ex-Low 1.0175
Sup 2 1.0138
I think the double bottom pattern (red circle) still valid until now. So, I think AUDUSD still has a potential to touch and break 1.0252 resistance level and continue going up to the next resistance level at 1.0337. This double bottom pattern will fail if only AUDUSD can break 1.0147-1.0163 support area
Spoiler:
Yesterday, aud/usd formed head n tail pattern with up level in 1.0240. After form that pattern, price fell down but in american session it rise. In thi day, price shown can not up. oversold area that indicates by mbfx indicator in area 1.0181-1.0174. If price down to this area, it may retrace up but weak.
market is trading around daily resistance at 1.0174. Even today morning price drop near that level and bounce back. Still there is no strong signal to go long or short. MACD has a buy signal in H4 . But i feel market is ranging now. So i think it is better to wait until we see a strong reversal buy or a break out from the support level.
Aud/usd technical analysis for 10.10.2012 by using : Auto pivot indicator.
resistance 3:1.0328
resistance 2:1.0289
resistance 1:1.0249
pivot point :1.0210
support 1:1.0170
support 2:1.0131
support 3:1.0091
As we can see on H1 chart AUDUSD bounced
near its strong support around 1.0180
yesterday, a decisive break of this key support
would confirm a bigger decline as we got
potential double top formation coupled with
overbought signals from slow stochastics. The
bias is neutral in nearest term but this fact
could create a false breakdown scenario which
could keep price in a wide range condition
between 1.0610 – 1.0130 area. Resistance is
seen around 1.0240 area, another clear break
above that area should trigger further bullish
pressure aiming 1.0295 region.
Resistance Level : 1.0240, 1.0295, 1.0370
Support Level : 1.0150, 1.0070, 1.0000
Trading Range : 1.0130 – 1.0610
Trend : Neutral
During the American session yesterday, the price has reduced selling pressure and closed with gains limited in the range of 20 pips earlier than the opening price tokyo session. long-term trend is down makes the price hard to improve his position. even if today happens short-term weakening trend, the price could be plunged into oversold area at 1.0177-1.0184
Not able to pair the Australian dollar against the U.S. dollar of stability above 1.0215 yesterday, but also begins today positively, supported by the stochastic, to continue attempts to return to the upward path again.
So far, our neutral position remains valid and continues to give us daily closing price above 1.0270 or below 1.0165
Expected trading range for today is between: Support 1.0100 and resistance 1.0365
General tendency is expected for today: neutral
i wrote about October 16 being just a discussion of the October 2 rate cut, and they will also discuss about their view of the foreseeable future and this might give us a hint if they would drop interest rates again officially on November 6th... so if they are pessimistic on october 16, theres a high chance we'll see interest rate cuts AGAIN on November 6th.
There's a world of difference from the RBA being in a position to alter Interest Rates to the market players searching 2 week old "minutes": for clues on future monetary policy .
---------- Post added at 12:34 PM ---------- Previous post was at 12:31 PM ----------
Well actually heres where you are wrong.... open up ur weekly chat and you'll realize the BOTTOM is not 1.02 area, 1.02 area was the low during a very low liquidity time and i mean VERY LOW liquidity summer peridos... right now we are in higher liquidity times.... sooo on your weekly chart...
you should see the Highs and Lows as the 2 Aquatic lines i have on my chart... you see them? soo it ranges from 0.98xx to 1.05xx
So even if you short at 1.02 (though i wont advise yo uto do so...) you have a higher Returns heading to 0.98xx than you would have longing at 1.02 aiming for 1.05xx
does it make sense??
---------- Post added at 12:35 PM ---------- Previous post was at 12:34 PM ----------
lol i noticed... but do watch out Monetary Policy Meetings are incredibly devilish and people often dont realise monetary policy meeting discusses interest rates that they adjusted in the past but they also talk about their VIEWS on the future....
right now their stance in October 2 after lowering the interest rate says they did not state wether this is the start of a consecutive interest rate cuts, maybe october 16 would shed more light on this subject... if they are not optimistic about it then theres high chances that november 6th will be another intrest rate cut....read m posts!!! thats what i just said... the coming minutes will talk about October 2nd decision... but they will also talk about the Foreseeable future... and if they say the Australian Economy is being hampened by china and its looking bleak.... November 6th may be the NEXT time interest rate falls again....
so WATCH out what they are talking about on october 16!!!you totally mistaken my point... the monetary policy meeting on october 16, is a discussion about their cash rate decision 2 weeks before... which they lowered interest rate on october 2nd, the thing is... THIS MEETING also discusses about interest rate decisions in the future..... and they will most probably bring up talks of weak china growth to hampen Australian Economy.... if they start talking in those line... we can see a continued weakening of the Aussie Dollar....
Next Interest Rate decision doesnt happen officially until November 6th but im SURE they will discuss about November 6th THIS OCTOBER 16!!!
so KEEP your eyes out on the news and what they are talking about in October 16.i didnt say they will lower interest rate for sure on Monetary Policy Meeting Minute... But the discussions during the Monetary Policy Meeting and the contents discussed will give us a hint wether if we can expect a lowering of interest rate the next time interest rate decision occurs... which is in 3 months time....
I HAVE been trading fundies FIRST before i do my studies in techs so, probably not the best to argue with me on this....
Monetary Policy Minutes is a preliminary indicator for upcoming interest rate decisions... and wtever they discuss on October 16, IF they talk about China Easing and slow growth to hampen australian economy? or anywehre around that lines... YOU CAN bet your ass rate cuts are inevitable.
On the H1 chart, price is above the 12 EMA and 72 EMA indicates the trend is still up
21 RSI is above 50 indicates the trend is still up
RECOMMENDATION: BUY
Take profit: 1.0273