AUDUSD Technical Analysis for December 15, 2015
Posted by FXTimes in Featured - December 15th, 2015 6:26 am GMT
The 4H chart view presented here indicates that AUDUSD is unfolding a corrective decline (3 waves) towards 0.7085/90 levels, before resuming higher. Looking into the entire wave structure, the rally from 0.7020 through 0.7380 levels have unfolded in 5 waves which should be followed by a 3 wave decline lower. At present, the pair seems to be in its 3rd wave lower towards at least 0.7100 levels. Also note that fibonacci 0.786 support and back side of resistance line (which is support now) also falls around 0.7090 levels. Short term opportunities are bearish till the 0.7090 levels at least, then turns bullish. Immediate resistance is seen through 0.7340 levels while support is seen through 0.7070 levels respectively. [Tip: Always read forex reviews
before joining a broker] Bears are expected to remain in control till prices stay below 0.7340 levels from here on. The RSI is also bouncing between 30 and 50 levels for now, and the next drop may bring it back to 30 levels.
Short now, stop at 0.7340, target 0.7100. Then long.