AUD/USD PRIMARY AND WEEKLY CYCLES
AUD WAS PUSHED DOWN FROM THE JUNE 50% LEVEL AND INTO THE YEARLY LOWS, ONCE AGAIN FORMING A DOUBLE BOTTOM. (January 1st bottom)
IF WE THINK AUD IS GOING HIGHER, THEN IT NEEDS TO REMAIN ABOVE THE JULY 50% LEVEL @ .7035
HOWEVER, CAN IT BREAK .7119?
I LIKE MY BEAR MARKET REVERSALS TO REACH DOUBLE YEARLY LOWS (WHICH IS DID EARLY IN THE YEAR) BUT THEN MOVE HIGHER FROM MARCH. (which it didn't)
THAT HASN'T HAPPENED IN THE AUD, SO AT THIS STAGE I'M RELUCTANT TO CALL A BEAR INTO BULL MARKET REVERSAL, BUT IT MAY CONTINUE HIGHER.
USE MONTHLY LEVELS IN WEEKLY CYCLES AS RANDOM RESISTANCE ZONES.
