AUDUSD a monthly close below 0.8100 would confirm a top
Monthly: In a large expanding wedge formation that has eventual bias to break lower.
Weekly: in a corrective channel formation. Rallies close to 0.8100 find sellers. Could also be seen as an Ending Wedge. Higher highs seen at 0.8205
Daily: Possible ‘double top’. The most important factor in this timeframe is bespoke resistance at 0.8100
Intraday (15-MINUTES) – Could possibly be seen as a bearish five wave pattern to the downside. We are using a short-term set up for a medium-term call. Selling at 0.8100 with a stop of 0.8220 (above the wedge high) and a target of 0.7560 (wedge base) offers good risk/reward.
Weekly: in a corrective channel formation. Rallies close to 0.8100 find sellers. Could also be seen as an Ending Wedge. Higher highs seen at 0.8205
Daily: Possible ‘double top’. The most important factor in this timeframe is bespoke resistance at 0.8100
Intraday (15-MINUTES) – Could possibly be seen as a bearish five wave pattern to the downside. We are using a short-term set up for a medium-term call. Selling at 0.8100 with a stop of 0.8220 (above the wedge high) and a target of 0.7560 (wedge base) offers good risk/reward.
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