Guest Commentary: MarketVisionTV - Trading the Australian Pitchfork!
* The downward momentum loss should be addressed soon!
* This should be to the upside to the start of a wedge even if corrective.
* Using Andrews Pitchforks to time long entries and targets.
The price compression of the last 3 weeks continues to a point where the momentum loss will soon be addressed. We think it will be higher even if it proves only to be a correction to an ultimate 1.0670.
As having spiked the final 250 point E=A wedge target of 1.0310 and just beyond the C=A 1.0330 target from the 1.0855 high there is a window now to stablise as the Aussie builds momentum loss and a potential base for a reversal to the start of the wedge at 1.0670.
In this respect one technique I use a lot on the Aussie particularly is Andrews pitchforks and having retraced to the previous pitchfork it is now in a position to resume the recovery probably in a similar fashion to last time with initial 1.0360-1.0470 consolidation breaking up later to 1.0560 target (the Pitchfork median line, the previous secondary high and just short of the 50% retracement) to cement a 1.03-1.0560 consolidation before an even larger recovery. As such we will continue to buy short term dips expecting 1.0360-60 to hold or risk 1.0300 loss and a spike to 1.0250 with potential to accelerate.
Further videos or commentaries are available form www.MarketVisionTV.com or @EdMatts on Twitter.
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