AUD/USD
This is it! This is it in relation to the Bullish Channel I've been harping on about over the last month or two from late December till now - today we are seriously breaking down the Lower Channel after last week meeting but not exceeding the September 2017 high in the low 0.8100 area.
We even had a Key Reversal last Friday which looked set for a further attempt higher this week but instead we've turned around and today punched down through the Lower Channel Line (currently 0.8026). We need two consecutive closes below but it seems we may well have one at least today. So if we do...where next?
An obvious target would be the doubling down of the Channel and this is where it gets interesting as this coincides later this week with the 61.8% Fib of the move up at 0.7892 AND the Middle Tine of the May 2017 - December 2017 Schiff Pitchfork at the same level. That would be one to watch.
Another thing to watch are the MAs. We've had the Short/Medium MA form a Golden Cross with the Long MA just before the upward cusp of the market. We now may also have a GC of the Short/Medium MA up over the Medium MA in the next day or so...maybe the move down will not be what it seems after all? It looks after all that whichever of 0.8160 or 0.7817 (recent 50% Fib) gets taken out first will likely determine the direction. With just today below the Channel it is too early to say yet as ALL MAs are pointing higher and I'm not comfortable in my conservative nature to just turn the bullet point above away from fully Bullish...fully Bullish it stays at the moment.
Support is currently 0.8002, 0.7954, 0.7943, 0.7892 (combined), 0.7874, 0.7826 and 0.7817.
Resistance is currently at 0.8026, 0.8080, 0.8098 (dynamic), 0.8135 and 0.8162.
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