AUDUSD a monthly close below 0.8100 would confirm a top

[PIA_First_IC]

Monthly: In a large expanding wedge formation that has eventual bias to break lower.

 

Weekly:  in a corrective channel formation. Rallies close to 0.8100 find sellers. Could also be seen as an Ending Wedge. Higher highs seen at 0.8205

 

Daily: Possible ‘double top’. The most important factor in this timeframe is bespoke resistance at 0.8100

 

Intraday (15-MINUTES) – Could possibly be seen as a bearish five wave pattern to the downside. We are using a short-term set up for a medium-term call.

In regards to the PIA analysis, no representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result.

 

[phillo]

My weekly chart shows a yellow line that the "Bulls" need to take out imo. The arrow marks their last failed attempt at it. I'm am surprised given the USD weakness that they have not "won" yet !!!

[PIA_First_IC]

Sorry Elle. Just seen this. I 'think' we might move up to the wedge top close to 0.8200, but that will be it. Great charts btw ;-)

[phillo]

thank you

[phillo]

hitting the "yellow line"   ( see previous charts for reference) short taken

[phillo]

1 hr chart  -

[phillo]

update                  

[PIA_First_IC]

We got the monthly close below 0.8100 and a bearish outside day from yesterday. The next significant support to the downside is 0.7860

[Guest oilfxpro]

What was the original trade entry , stop and target ?It went to 0.8112. Should you not have waited for a break of the up trend line, and confirmation from the trend line break on the dailies?Now it looks like a trade!

 

[Guest oilfxpro]

here is a chart showing the importance of two supports being broken

 

[phillo]

update