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Lastly for AUDUSD, we could analyze in May that after a fresh triggered violent sell signal a MAJOR Top has arrived and in further course this mega-important given 1*2 Gann Angle support should be met/reached/worked off at 0.67 to 0.68 or so. Also, this main downtarget processing should be relatively fast.
For last complete AUDUSD analysis and shortterm forecast click on chart below, which I`ve already presented within free GUNNER24 Forecasts Newsletter, May, 15th:
It was worked out that the final processing of the above green weekly “1*2 Downtarget Main Support Angle” was probably mandatory. The special open question at that time was only when exactly this very first test should happen. And thus also the approximate price magnet where exactly this backtest of this rising yearly important W.D. Gann Support Angle out of # 1 // major important 2020 Low was somewhat in the dark. The target range where the “1*2 Downtarget Main Support Angle” should be worked off was at 0.66 to about 0.6677.
The MAJOR rising yearly backtest target/MAJOR rising yearly downtarget Main Suport Angle was then finally worked off at the latest at the annual low reached so far.
==> We can therefore state: The annual AUDUSD low perfectly worked off extremely important rising annual support on July 14 at the 0.6681 bear extreme, and if we respect the GUNNER24 Forecasting Method, the final AUDUSD low of 2022 has now arrived with a probability of 65% at the 0.6681.
Furthermore, we able to note with certainty that on July 14 a new, longer-lasting combined daily & weekly upward cycle began at the # 1 // 0.6681 // 2022 Low. Also we have to remember that a strong-holding rising yearly support triggered an uptrend what allows that the FINAL year low was set on July 14, at least in theory!, and as such, presented AUDUSD-long chance offers some upside potential regarding price and time.
Above, I have drawn the probably fully-valid daily GUNNER24 Up Setup of the AUDUSD forex pair. The first rally out of 2022 Low IDEALLY topped precisely after 21-Fib number trading days. Followed by a to the 8-Fib number oriented corrective cycle what at this week low (Tuesday at 0.6856) made very first and 99% accurate posive backtest of the 1*1 Gann Angle.
This very-perfect successful backtest of the “1*1 Upcycle Support Angle” at 0.6856 points to:
A) Tuesday low is the FIRST final HIGHER daily upcycle low within a probably longer-lasting weekly uptrend cycle. Means, AUDUSD is back to be traded only from the long side!
B) Next most important and within days pair should re-test confirmed Blue Arc upmagnet from below at a 0.7080 or so!
C) ==> Shortterm uptarget for AUDUSD seems to be the double-confirmed daily Blue Arc resistance upmagnet at 0.7080! ...for this shortterm uptarget determination I anchored the Blue Arc at the contiguous highs of uptrend days # 22 & # 23!
D) The chance that the 1st double arc uptarget magnet will be worked off during this daily uptrend direction is at a 60% or little bit higher => light-green dotted upward arrow option. The plausible 1st double arc uptarget might be fulfilled at a 0.72 or so around end of September.
Alternatively, a potentially evolving negative Blue Arc resistance energy could lead to a more violent downward swing, perhaps targeting the obvious shortterm downtarget magnet of the naturally given 1*2 Main Support Angle. Note the orange-dotted arrow course for this pric/time option, hmm ...
==> I think that the next test of the “1*1 Upcycle Support Angle” offers a high reward/low risk long entry opportunity, which after the rather weak Friday of course is due tomorrow - Monday.
For tomorrow, the“1*1 Upcycle Support Angle” exactly takes course at 0.6885.
==> The SL for this AUDUSD long attempt should be placed at a tight 0.6850!
Be prepared!
Eduard Altmann
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