AU looking for dip to add longs: AUDUSD still long

Jun 5, 2018

This is a follow up to my medium term outlook for the AUDUSD as posted on May 16th:

That Green Wave 3 possibility has become a reality.
Now waiting for a retrace to add more longs.
I dont anticipate much of a retrace for wave 4, as wave 2 was quite deep.

Let's see how this retrace goes.

Jun 5, 2018

Note

Interesting, some Econ news out of AUS started the dip.
Beginning with a perfect 5 wave micro impulse down hitting each fib to the pip.
Will likely go to that 3.618, but a previous Fib zone bounced it for now.

Jun 5, 2018

Note

Based on Recent news and the price reaction to it,
I am looking for entry a little higher than originally planned.
Will be watching .7620 area but would still prefer a nice round 7600 entry as original plan. But to see why I am watching .7620: a confluence of strong fib resonances

Jun 5, 2018

Note

Hoping to see the ABC play out something like this:

If it behaves much differently, I will need to reconsider the target/entry.

Jun 5, 2018

Note

Expecting a small bounce here.
But if it pierces the .328 larger extension and the 4.618 immediate extension, then even the 5.618 (where I am watching for entry) might not hold.

Jun 5, 2018

Note

it is actually possible that the micro wave 5 has ended.
But with EU and UK markets about to open, I will wait to see which way that money flows.

Jun 5, 2018

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Looks like this wave 4 correction is an ABCDE.
Still looking good to reach the .7600 area, so I am setting limit buys now.

Jun 5, 2018

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Well it hit my zone , bounced bit, went below, and is now whipsawing.
I still think Wave 5 up is about to start, but looks like Wave 4 needs more consolidation yet.

Jun 6, 2018

Note

AU clearly did the wave 4 correction, then some good econ news launched it into wave 5. I took a long position a few hours ago, check the trade and continuous updates here: