Hello Traders,
Here is the Top-Down Analysis of AUDUSD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 45 - Nov 02
M > Price faced rejection at monthly resistance and dropped for correction, we expect correction to be near 0.382 Fib level on last bullish impulse. We saw a W formation and expected price to drop till the neck which price did to complete the formation.
W > Price dropped till 0.618 Fib level on weekly bullish impulse for correction. We saw M formation and price moved up to test its neck and complete the formation. Price in fact moved beyond the neck.
D > Price has dropped to test weekly support thrice now, however we can see loss of momentum odd Doji candle in between. Price is now testing support at demand zone.
As per COT AUD saw closure of both Long and Short, improving net positions. AXY gained some lost position during the said week but dropped to test support level again last week. Any break further to the downside will be interesting opportunity to watch out for.
4H> We can see an M formation and also bullish divergence. We can expect price to rise up to gather liquidity before making an attempt a break to the downside.
Pair Correlation > AUDUSD has positive correlation with AUDJPY, NZDJPY, Gold, Silver and AUDCHF and negative correlation with EURAUD.
Thank You
AP17FX
Here is the Top-Down Analysis of AUDUSD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 45 - Nov 02
M > Price faced rejection at monthly resistance and dropped for correction, we expect correction to be near 0.382 Fib level on last bullish impulse. We saw a W formation and expected price to drop till the neck which price did to complete the formation.
W > Price dropped till 0.618 Fib level on weekly bullish impulse for correction. We saw M formation and price moved up to test its neck and complete the formation. Price in fact moved beyond the neck.
D > Price has dropped to test weekly support thrice now, however we can see loss of momentum odd Doji candle in between. Price is now testing support at demand zone.
As per COT AUD saw closure of both Long and Short, improving net positions. AXY gained some lost position during the said week but dropped to test support level again last week. Any break further to the downside will be interesting opportunity to watch out for.
4H> We can see an M formation and also bullish divergence. We can expect price to rise up to gather liquidity before making an attempt a break to the downside.
Pair Correlation > AUDUSD has positive correlation with AUDJPY, NZDJPY, Gold, Silver and AUDCHF and negative correlation with EURAUD.
Thank You
AP17FX
