AUD/USD Primary & Weekly Cycles
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.
Within all primary trends, there's an expectation that we will see counter-trends appearing
Any rise upwards is still part of a PRIMARY trend that looks to be heading further down in 2019.
Any rise upwards is still part of a PRIMARY trend that looks to be heading further down in 2019.
That counter-trend is up towards .7694 & 2018 50% level. (Previous Report)
Support buying appeared once it reached .7213, however it failed to continue higher (counter-trend)
A failure to continue upwards at the end of August leads to AUD moving lower, as part of the 2-wave Primary cycles
There's 1 last support level in 2018 - .7140....
that may hold for a number of weeks, but I now have less faith in any support holding simply because of the Primary Cycles in play
resistance .7340
Target . 6779
