AUD,NZD/Technical Analysis/Trade Ideas

AUD/USD technicals: Fibo resistance at 1.0350

     There is quite strong technical resistance at 1.0350, which is the 61.8% retracement of the 5-wave downmove from 1.0475 to 1.0145. It might be worth while watching closely to see what happens if/when the stops are targeted; failure to follow through could give an excellent selling opportunity?

  1. hi sean could you please tell us something about which points you choose to take your fibos from? i had retracements on from the 1.0625 peak..never really considered the one you talked about

  2. Hi Rahul, Fibonacci retracements are part of wave theory in mathematics. We need to look at which wave is dominant and base our retracements off that. In this case, I was looking at the most recent 5-wave downmove but now that this has broken, we can argue that we now should focus on the overall big wave which started at 10620. This is not an objective science, many people can read the waves in different ways++

  3. Good morning, Sean!
    What your view of AUD/JPY? I think that approximately with flowing (can be from 82.46) to sell pair, stops to take out for 82.55, the sale purpose the repeated test 79.42 or about that. Thanks!

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