Anyone reading my posts will know that I am currently short from 0.7620 – So please excuse the ‘click bait’
🙂 RBA November meeting minutes read as slightly dovish with no major surprises. This should help my short trade in the near term, yet the technicals are beginning to look interesting .
Many of you will be familiar with the ‘term’ three drives to a bottom / top. They are more common on 5-15 min charts and much easier to find a symmetrical / esthetic count on minute timeframes . I’ve noticed one on the AUDUSD that fits my view from the last few weeks on the importance of the 0.7475 – 55 area .
The chart below shows a reaction back to the 61.8% on the last two ‘drives’ lower .
The target of this possible 3rd seems to tie in with the target that I highlighted in my previous posts .
Taking a wider view below shows a trio of targets for bears to overcome.. Trendline from January 2016 and the resulting Fibonacci (50%) of the September 2017 highs – plus the 161.8% extension of the last swing low to high .
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