AUD USD is finding support at 100SMA level. Impulsive wave making an higher high. 50% retracement fibonacci supported (the hour candlestick is spiking). Retrecement movement forming an abc or zig zag on supporting moving average. But the good part comes when you look at the daily chart...I will publish it is a few moment...
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The opening may seem validating my theory but still too early to say. If it moves back may still fall
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After opening with a bullish impulse, price found support at around the 50% fibonacci line. The second impulse is forming when the supported cup & handle pattern is broken for the upside. This second impulse is retracing the first high of the week lol (5sec tfr)
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The third motive wave pulled back strongly after testing that high. If it holds it, it may breach it with the fifth
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It was not a fifth but tested that first high again.
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On the opening we still have too little informations to take a position but trends and patterns are forming and are already providing signals. Let's just be patient, try to interpret them and only enter when you see good opportunities. At this time and hour there is not enough volatility to play with the waves. Be patient and careful always.
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And also try to keep it simple.
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AUD USD is making a top. Let's see where the top will be. Higher, lower or same level as previus? RSI is not yet in overbought therefore top formation still in course. It shouldn't close below that trendline but anything can happen and we always need to be alert
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If it makes a top on that trendline I would interpret it as a bearish signal to study carefully
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Let's see how it plays
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AUD USD woke up this morning with a bullish signal but it was not supported and completed the retracement at 61.8 fibonacci. After finding support the pair exited the downword pressure and performed an impulse wave stopped at 0.80133. After hitting it pulled back a bit and than resumed its search for an high. Let's see
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0.80228 approaching
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Impulse stopped just before reaching my target...hope it does not retrace yet but extends the fifth
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It's retracing the move but still hope will resume
Trade closed: target reached