With the RBA pumping more cash into the system (as with the rest of the world) and the USA finally moving on from a dramatic election/change of government, its interesting to see this charts starting to look more n more bearish - IMO
4hr chart
A: crossing of 50MA below the 200 MA's, and price action firmly below all 3 MAs - Bearish sign
B: 0.76 S+R & Fib-1 76% are close, making a bit of a zone. PA a bit sideways in here, recent break under 76% looking to retest now as a resistance level - bearish
C: down trend on MACD peaks, swing from bullish to bearish coloring - Slightly bearish
Daily chart
Has risen way off the 200MA's, has formed a top near the 123% Fib-2 extension, and trending sideways since consolidating down towards the 0.76 S+R
There is a Risk here that this support will hold on the Daily
However, im thinking we may see a pull back towards the Golden Ratio of Fib-1 around 0.75 mark which is why I'm looking to go short around 0.7617 for the potential swing down to 0.75
Fibonacci Reference dates
Fib-1 - 02/11/20 - 07/01/21
Fib-2 - 19/03/20 - 01/09/20
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