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Elliott: flat correction up 1.2441
One move lower to 1.2291 or 1.2211 is anticipated while below 1.2385 - 1.2424 area. Stop loss above 1.2478 zone.
Warning: Imminent end of bullish move
Technical points
Key point 1.2425
Entry point 1.2348
Elliott 1.2159
Closing 1.2370
Projection 1.2534
Trendline 1.2240
Trendline 1.2369
Supports / Resistances
Res 2 1.2478
Ex-High 1.2399
Res 1 1.2424
Pivot 1.2345
Sup 1 1.2291
Ex-Low 1.2265
Sup 2 1.2211
On the daily chart clearly shows that the rate went up to 38.2% and from fibe strayed, it seems this northern movement - this is just a correction, and we should expect the resumption of the main southern trend, the one hour chart price is suitable for resistance in 2360 (lower bound punched triangle) from him I and selling, stop above 2384.
Just be aware with bearish correction first. I see - the last two candle on this 4H TF = was formed like double bottom. So, of course - this can be a trigger for bearish correction (first) then as long as the buyer still can not up again to more that upper double top candle.
The euro has managed to put together a few affirmatory trading days and over the next couplet of days, we leave see if this collect can act. Tonight's represent is on the EUR/us. The quaternion minute interpret shows a multiply nethermost that helped the EUR/us deed since retesting the lows of the 1.2900 extent.
H4 Candlestick Chart indicates the pair is down trend, MA(10) & MA(20) indicates the pair is down trend, MACD(12,26,9)indicates the pair is up trend,RSI(14)indicates the pair is down trend & Stoch(5,3,3) indicates the pair is down trend
My preference: If the price below 1.27450, It may be touched 1.26158
Alternative: If the price above 1.27653, It may be touched 1.27958
(Trade your own risk & analysis)
eur/aud technical analysis by using : average directional movement index
adx : 19.1523
+di : 14.2003
-di : 20.0746
timeframe : 1 hour
time : 1800
date : 16.11.2012
Scenario for next week
Elliott: irregular flat correction down 1.2212
It may attempt a test higher to 1.2356 - 1.2421 after which weakness may set it to a drift down to 1.2181 limit.
Technical points
Key point 1.2346
Entry point 1.2323
Elliott 1.2824
Closing 1.2312
Projection 1.2023
Trendline 1.2334
Trendline 1.2389
Supports / Resistances
Res 2 1.2530
Ex-High 1.2399
Res 1 1.2421
Pivot 1.2290
Sup 1 1.2181
Ex-Low 1.2159
Sup 2 1.2051
Just be aware with bearish correction first. I see - the last two candle on this 4H TF = was formed like double bottom. So, of course - this can be a trigger for bearish correction (first) then as long as the buyer still can not up again to more that upper double top candle
EUR/AUD rebounded to as high as 1.2398 last week but faced some resistance from 55 days EMA and retreated. Initial bias is neutral this week for some consolidative trading. Note that EUR/AUD is still bounded inside a near term falling channel. Thus, the decline from 1.2823 might extend lower. Below 1.2264 will turn bias to the downside for 1.2159 and possibly further to 61.8% retracement of 1.1602 to 1.2823 at 1.2068. On the upside, above 1.2398 will turn bias to the upside. Break of 1.2505 will indicate that the correction from 1.2823 has completed and bring retest of this high instead.
Scenario for today
Elliott: flat correction down 1.2251
There are initial signs of a good corrective recovery towards 1.2346 or even 1.2358. Supports at 1.2311 and 1.2288 zone.
Warning: Harami
Technical points
Key point 1.2281
Entry point 1.2332
Elliott 1.2399
Closing 1.2312
Projection 1.2251
Trendline 1.2330
Trendline 1.2383
Supports / Resistances
Res 2 1.2403
Ex-High 1.2379
Res 1 1.2358
Pivot 1.2333
Sup 1 1.2288
Ex-Low 1.2309
Sup 2 1.2263