This morning the AUD trade balance was released below consensus. Expected at a surplus of 550M; however, the release came out at a shortage of -628M. Full analysis at TradingView!
Here we have a bearish bat on the Aussie-Yen. Price is well overbought, so I will be keeping an eye on the 4 hour and daily chart candles for sign of a reversal. Price has broke the weekly trend line completely and began to consolidate- perfect conditions for harmonic patterns . I'm also looking at the NZD-CAD. The AUD-CAD will also be a good pair to analyse for a short position.
The weekly chart, showing the current price as a key level of previous support/resistance- essentially a pivot line. Also note the recent weekly trend line which has been broken, with price re-testing the previous high.
The whole swing of the price action has formed a reciprocal AB=CD.
Ratios:-
A:C = 1.13:3.618
B:D = 0.382:0.886
I am currently looking at this pair on the daily and 4 hour charts. The 4 hour is showing strong divergence between price and RSI, whilst I am still awaiting a strong reversal candle on the daily chart!
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