Thursday, August 4, 2016

Aussie: A case for the Bears

At the intra-day degree, the Aussie could be on a complex correction upside.

The correction, if completed as shown by the chart below, would be n expending flat corrective pattern. The

This correction is so deep and expected to be contained below 0.7677. A bridge above that level could be the first signal that the longer term bullish move might take over.

The last leg of this correction could be an ending diagonal.

If price moves as expected, a wild fall could be seen as price will attend to break below 0.745 in a quest to continue the bearish journey.

We are watching closely.

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