morning everyone , i would like first to apologize as i went off the blog for couple of days on vacation while all the action was happening , as i forecasted the risk currencies fallen sharp against the USD while gold tested the 1095 level before it spikes up again , i still believe that gold didnt find a base for proper rebound and it will continue its choppy move down with minor rebounds on the way .
the AUD broken the 8950 strong support to complete the head and shoulder signal it was giving for around 1 or more month ago , as i m showing in the chart that i believe we r on wave 3 in all levels , i mean wave 3 in the bigger wave 3 of the bigger wave 3 , the rebound on the Aussie was so weak so far and it faily to preform a proper rebound to creat a chance for ppl who didnt catch this move to short it , on the other hand this could be of the thin liquidity of the holidays season .
i see the price action moving on a minor rebound to touch the 8950 level and bounce down again , the reason i put this 2 lines of possible rebounds so close to our current level is that i believe the Aud is very weak now on any rebounds and it cant form a proper rebound momentum to travel north far from our current point and the downward momentum is very strong that it ll keep any rebound so short , so its better to be safe and short a small amount off 8920 and the rest on 8950 eveb if it travels nourth for 20 or 30 pips it doesnt matter as far as it ll catch ur position up again on the way down.
the red line on the chart is the place where i dont like to the the AUD going there , or i would start considering this bearish scenario invalid .
keep an eye on the Gold as i believe it ll not go north far from here before it head south again and creat a momentum for the Aud and Euro to go down again
i still anticipate the possiblity of the AUD traveling south from our current position as i see it very heavy on rebounding so be carefull and watch the market closely for a good shorting position and dont mess any further downs.
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