What's next for the AUSSIE?
Risk sentiment this week looks like we could be setting the tone for a risk off environment, however AUSSIE is currently looking under pressure! After it recently broke to the downside from it's larger ascending structure.
Zooming into the intraday timeframe, we've had a beautiful retest and high test candle rejection of the previous swing low (inside the structure, and are currently forming a bearish flag continuation, which suggest further room to the downside, with overall pattern completion around the 0.58 handle!
That being said we are also conscious that price is currently in the middle of no mans land on the daily timeframe and the recent move to the downside, did not complete it's overall structure, which does show a possibility for the market to create a larger bullish correctional structure to test the highs of the correlating descending daily channel and the 1hour ascending channel around 0.6830
AUDUSD
Zooming into the intraday timeframe, we've had a beautiful retest and high test candle rejection of the previous swing low (inside the structure, and are currently forming a bearish flag continuation, which suggest further room to the downside, with overall pattern completion around the 0.58 handle!
That being said we are also conscious that price is currently in the middle of no mans land on the daily timeframe and the recent move to the downside, did not complete it's overall structure, which does show a possibility for the market to create a larger bullish correctional structure to test the highs of the correlating descending daily channel and the 1hour ascending channel around 0.6830
AUDUSD