Over the years, I have developed an affinity towards AUD crosses. They have become pairs that I have increased understanding on.
Looking at the next few weeks, I am looking at potential final reversal for aud before a larger upmove.
Documenting charts for AUDSGD , AUDUSD , GBPAUD , EURAUD
shows a potential ihs. Watching it closely.
D1 AUDUSD shows a similar ihs acumulative pattern. Will the right shoulder be formed?
Will see if these right shoulders materialize.
EURAUD Monthly chart
Tracking the key levels for EURAUD on the monthly chart.
It is very obvious price has reached a cluster of resistance based on 52 weeks high and low.
What is more intriguing is that a distributive chart pattern seems to be formed , with its anatomies based on the key levels.
The neckline , left shoulder , fib6+ w1 level seems to be confluence with a potential top of right shoulder.
If price really plays out this way, then it is a very strong signal and strong conviction that
this is an A+ grade setup.
A WORD OF CAUTION:
EVEN THOUGH THE SETUP MAY COME AS PLANNED EXACTLY, I MUST NOT BE OVER ARROGANT TO BELIEVE THAT
THIS SETUP WILL WORK 100%.
I MUST, AT THE SAME TIME, BE HUMBLE ENOUGH TO KNOW IT MAY NOT WORK OUT AND MAY EVENTUALLY BE INVALIDATED. IF SO, TAKE A LOSS N WALK AWAY.
HAVE THE CONVICTION, BUT STAY HUMBLE AT THE SAME TIME.