Aussie Bulls pushing price action up over the last week. AUDUSD bounced off of the 61.8% retracement from December low to January high. Currently hitting resistance at fib confluence and supply zone around 0.79. The wicks on yesterday and today's candles suggestive (ONLY suggestive) of rally exhaustion. Seems like there might be a lot of sell orders around the 0.79 mark. Contrarian indicators still Bullish, however, as traders are net long at about 2:1 but are growing less net long. That makes sense considering the 420 pip drop off of the January high. I'll be watching PA, either for a break above the most recent high or breakdown below the recent trendline.
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Its just a beautiful thing when you correctly call a trade opportunity, only to watch it unfold beautifully before your eyes. C'est magnifique!
