Just looking at two potential necklines. Both probably matter.
If you take away the overthrow in 2008, you get a very clean horizontal neckline that just broke, signaling recent acceleration downward in AUD. This is also likely why we were muddling around recently in the current range for such a long time. The other neckline was already broken, but it based on reaction to resistance, I think the horizontal neckline is the more followed resistance level.
If you take away the overthrow in 2008, you get a very clean horizontal neckline that just broke, signaling recent acceleration downward in AUD. This is also likely why we were muddling around recently in the current range for such a long time. The other neckline was already broken, but it based on reaction to resistance, I think the horizontal neckline is the more followed resistance level.