This is a beautiful chart. This is $AUDUSD.
This chart might not mean anything to you. Or is it trying to tell you something?
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Rhetorical question? I’ll play. The rising wedge you’ve drawn strikes me as corrective, setting up for a substantial move down until I notice it’s comprises the right side/ABCD of the inverse H&S, which targets the early AUG high. Then, there’s the major peaks in mid-June/mid-August and major troughs in early July and late August that make up a larger channel up that I think will carry to pair up to challenge fall ’09/spring ’10s highs around .9350 at least, probably in the next 6-8 weeks.
What’s your perspective?
Andrew, your sharp chart eyes scare me. 🙂
Love your ABCD view. My eyes are on 92c now, I guess every man and his dog are watching it. First short target will be around mid august high 0.9080 area, and 2nd will be the late August high 0.9030 area. I am watching price action around these two targets, might reverse to go long if I am convinced later.
Btw, just a side note, it is likely for Labor Party to win the election here in Aus. And this might bring back to craps of mining tax issues..well, probably, a negative force for AUDUSD.
Unless it can break the 0.91592 and 0.9165, I do not see it going up in near term. I do not know about long term. However, 0.9177 and 0.91964 are the two top resistance to look for in next few days (maybe). Also, if it goes below 0.9153, it can touch the 0 fib for the day. Just my 2 cent.