• 1 day Bitcoin Lives Up To Its Safe Haven Status In A Big Way
  • 2 days 14 Million People Will Lose Unemployment Benefits On December 31st
  • 3 days Why 12 Million American Millionaires Isn’t Good News
  • 5 days Big Oil Is Paying The Price For Investing In Renewables
  • 5 days The Banking Industry’s $35 Billion Gravy Train Could Disappear
  • 6 days Did Amazon Just Democratize Prescription Drugs?
  • 8 days The Private Space Race Just Got Very Real
  • 9 days Short Sellers Are Willing Big In This Turbulent Market
  • 11 days SpaceX Gets Go-Ahead To Send Humans Into Space
  • 12 days Saudi Arabia Lost $27 Billion In Oil Crash
  • 12 days China’s Big Tech Takes A Hit As Regulators Crack Down
  • 13 days Black Friday Could Be Retailers’ Only Hope
  • 14 days Why You Should Not Dump Your Stay At Home Stocks Just Yet
  • 15 days The Real Reason Why Uber And Lyft Stocks Have Soared Nearly 50%
  • 17 days Bitcoin Heads Towards $16,000 And No One’s Cashing In
  • 18 days Elon Musk’s $250 Tesla Tequila Is Already Sold Out
  • 19 days Will The San Francisco Wealth Tax Spark An Exodus Of The Rich?
  • 20 days The Fin-Tech IPO Of The Century Just Got Crushed
  • 21 days UK Bookies Report Largest-Ever Political Bet Ahead Of Election Results
  • 22 days Better Safe Than Sorry: 5 Alternative Investment Plays
How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

Austin Galt

Austin Galt

Austin Galt is The Voodoo Analyst. I have studied charts for over 20 years and am currently a private trader. Several years ago I worked…

Contact Author

  1. Home
  2. Markets
  3. Other

AUDUSD Wave B High

The Aussie dollar looks to have made a reaction high today and I remain bearish about its short term prospects. Let's review the daily chart.


AUDUSD Daily Chart

AUD/USD Daily Chart

Price hit a high today at 76.76 c before reversing back down to form a bearish outside reversal candle. This should be the wave B high which will need to be confirmed with some downside follow through.

The Bollinger Bands show the high bang on resistance from the upper band.

The Fibonacci fan shows this high was around resistance from the 88.6% angle.

I have added Fibonacci retracement levels of the move down from the high into the wave A low and this wave B high was right at the 76.4% retracement level.

The RSI shows a triple bearish divergence which often leads to a significant decline.

The MACD indicator looks to be threatening a bearish crossover which should occur if price does indeed now follow through to the downside.

I expect the wave C low to be a marginal false break of the wave A low at 71.44.

 

Back to homepage

Leave a comment

Leave a comment