AUD/USD Potential Rejections Due To ZigZag Uptrend

July 21, 2017 14:52

The AUD/USD has been in a steady uptrend identified by confluence points (POC) rejections and an upward zig zag trend pattern. POC (trend line EMA 89, 50.0. D L4, ATR pivot, historical buyers) 0.7888-0.7900 is the zone where the AUD/USD could reject again towards W H4 0.7960 and D H4 -0.7980. The range on the AUD/USD is lower so when you take profits aim for 20-30 % of its ATR(14), also due to summer volatility. Break below 0.7860 will target lower levels as shown on the picture, but at this point the main trend is up.

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W L3 - Weekly Camarilla Pivot (Weekly Interim Support)

W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)

D H4 - Daily Camarilla Pivot (Very Strong Daily Resistance)

D L3 – Daily Camarilla Pivot (Daily Support)

D L4 – Daily H4 Camarilla (Very Strong Daily Support)

POC - Point Of Confluence (The zone where we expect price to react aka entry zone)