AUDUSD - Update Daily

This trade has been playing by the rule book 100% of the move. Each structural schematic, Elliott wave - back up and down the Regression channels and so on.

Expectations have been met yet again, see the Order Block image (Green ticks, Red crosses) from the previous post. AUD has just come back to collect its liquidity pool and trapping some traders long.

Supported by last week's COT data whereby Leveraged funds and Asset Managers have eased a little off the long sentiment and added only a small amount to the short positions.

As per Fibonaccit levels - the 3 move up tagged the 1.618, through it and back as support before extended exactly to the 2.618 level. We are now expecting the completion of the Wyckoff distribution and down to tag the golden target level.




Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.

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Last image from prior to the move

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structure still playing itself out as it should (RESPECT)

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this is showing the top of the channel with a consolidation phase. Accumulation of shorts about to cross - which is central to the Wyckoff structure. Added Regression top channel touch down.

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DXY Potential Cup and handle formation - again further confluence of the down move on AU.

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Slow Friday volume - Monday & Tuesday usually corrective days. Descending channel and a breakout expected here.

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hugging the centre regression with a higher timeframe regression channel and Order block high at 800 level. Btu volume so slow up to it. Could be purely on it's SL hunt as 65% of retail sentiment is already short.

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After failing to reach the 50% level of the regression, it now has started it's drop. IT will have another last drive (creating a drop, retest & then drop) See DXY levels on the daily confirming this move.

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I'm updating this often as this was a trade to mix some of the old concepts together. looking at relationships between trend, DXY, and several tools.