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Not much has changed since last week despite a new extreme. It is an uptrend. The price has hit quick reversal level 7/8 on the move and went down. Since the price went through 3 MM-levels without strong retracement, a trend reversal from this level is likely.
AUD/USD DAY
Not much has changed since last week. An uptrend. All targets along the trend are quite close to each other. We can see a retracement from strong level 6/8 which is significant on weekly charts. Perhaps, this is a start of a downtrend. However if the uptrend continues, the price is very likely to reach level 8/8 that is below target T1, because on the way to this level the price has only a weak local reversal level 7/8.
AUD/USD 240
This is a downtrend, the price is in the trading range and may linger there for a while. On the way to target T1 there are no strong levels from senior time frames, so the price may easily reach this target after hitting p.4 down.
AUD/USD 60
An uptrend. The price is in the upper trading range after hitting p.4 upward, till level 8/8 there are no more strong resistance levels from senior frames. The price may reach target T2 or even target M (unless the price is stuck at quick reversal level 7/8).
Can you help answer these questions from other members on NexusFi?
Weekly stochastics bullish, but momentum bearish.
Daily stoch bullish , momentum also bullish.
Hourly stoch embedded up high - bullish , momentum turned down bearish.
Conclusion, look for the hourly pullback and go long.
I still keep kicking myself for not getting in the Aussie when it made higher lows back in Feb - March. It was at 55 yen but now at 85 yen. I'm in Japan and I wanted to buy currency for a deposit on a house for when I return to Australia. Missed the boat. Grrr.