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AUDUSD to Bounce, Really?
The much loved AUDUSD (FXA Etf) is looking like it wants to bounce to resistance after a very messy fall.
Everyone will be watching if the FXA fails at 100, after all the move down was fast and looks very much like an impulse wave. New sellers will like to enter the market new 100. The FXA is the bell weather for risk in the markets. Both cycles have found a bottom which suggest time and price has corrected enough, now we wait to see if the up swings is strong enough to signal that all is well. If the swing up is weak, then the next down swing could mirror the impulse wave down just passed.
One to watch.
"Don't trust your own opinion and back your judgment until the action of the market itself confirms your opinion." ~ Jesse Livermore Trading Rule
"The first rule is not to lose. The second rule is not to forget the first rule." ~ Warren Buffett