AUDUSD Stalling close to previous high
Bespoke resistance is located at 0.7775. With previous resistance seen at 0.7784, and the pair close to a Demark exhaustion count on the daily chart, we look for further gains to be limited
Monthly: Holding within a large Expanding Wedge formation that has an eventual bias to break to the downside. The whole move higher from the 2016 low (0.6827) has been and volatile, common in corrective formations
Weekly: The mixed and volatile price action has formed an Ending Wedge pattern. A break of 0.7616 and the measured move target is 0.6830. Holding within the Ichimoku Cloud. Expect price action to be mixed and volatile
Daily: Posted mixed results for the last 42 trading days. Bespoke resistance is located at 0.7775. With previous resistance seen at 0.7784, and the pair close to a Demark exhaustion count on the daily chart, we look for further gains to be limited
Action:
We look to Sell at 0.7770
Stop: 0.7870
Targets: 0.7500 and 0.6830
UPDATE (06:04 20/04/2018): In the interest of money management, we look to move the stop to 0.7820. No profit has been taken
UPDATE (07:00 25/04/2018) In the interest of money management, we look to move the stop to 0.7750. No profit has been taken
