AUD/USD PRIMARY & WEEKLY CYCLES
AUD looks to be moving down into the 2018 lows
Any rise upwards is still part of a PRIMARY trend that looks to be heading further down in 2019.
(2-wave cycle - Dilernia Principle)
AUD/USD PRIMARY & WEEKLY CYCLES
AUD is currently following the classic bear trend with the expectation it's going to continue lower into 2019
There are 3 major support levels - .7252 - .7213 - .7140
There is a resistance level around the Monthly 50% level and Weekly highs @ .7470/75, with the expectation that's it will continue to trend downward.
HOWEVER
Within all primary trends, there's an expectation that we will see counter-trends appearing
That counter-trend is up towards .7694 & 2018 50% level.
Therefore don't be holding shorts above the .7475 and this same level can be used as an intra-day support zone if looking to capture a move upwards.
