Guest Commentary: MarketVisionTV - Why We Confidently Buying AUDUSD Below 1.05
The Aussie is a very clear market. Having held below 1.0670 to maintain a trend sequence from the 1 .0855 high it has met 1.0470 target area the 38.2% retracement of the uptrend. From a bearish perspective this trend sequence would end the first leg of a larger decline and beg a reasonable upside correction. But since we have this as a 5 wave from a B wave high to the C=1.618A region, it could well be ending a major correction. Indeed the loss of downward momentum is clearly represented by a pennant into hourly channel support and daily uptrend support.
Given the insignificant amount of confluence, then we are very confidently buying for initial consolidation below 1.0580 to no lower really than 1.0440 the 5=1.618 of 1 a for break back up to 1.0670-1.0715 even from a bearish perspective. But given the potential for an uptrend beyond 1.0855, our stops at the key 1.0380 daily pivot.
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