Safe Traders can look to initiate short positions below 0.7800 mark & Risky Traders Can take advantage of shark@0.8065 but check all other tools to confirm the sell position from close by levels of 0.8065-0.8000 zone.
We look for internal wave 3 to complete close to 0.73285 which is the end of the triangle & a thrust started & completed@0.8065 & later bounce back to complete wave 4 upside & final fall which completes wave (C) - this completes the whole sequence which started from 1.1080 in year 2011
There is a shark in between vertical lines shown just above as to get good picture & view of the instrument rather than making it choppy. So, we have a strong confluence of shark in the waves at close by levels of 0.8065 which can offer good resistance. Safe Trading can be initiated below 0.7800 mark
Target- minimum should be E- wave in the triangle@0.73285- if that breaks then it becomes more bearish else a possible bounce back can be expected.
Enjoy. Shall be returning back in another 3 months to check -how the structure has opened up.
Take Care.
Previous Update - left at C- Wave in Triangle in Dec2016
Looks to be impulsive fall below 0.8000 mark. If it wave 1-2-3 count in that case wave 3 completes 200% of wave 1 @0.7765. We shall look for bounce back in wave 4 which likely should travel 38.2% @0.7880 & close previous swing high@0.7875 once it holds above 0.7750 Look for Buying opportunity using your own analysis. Best of Luck.
AUDUSD turned as anticipated from lows of 0.7733. Use Trail Stop Method to Squeeze most out of this upside push. If it extends beyond & stays above 0.7900 then it could even make new high above 0.8125
Awesome - It pushed from 0.7750 to 0.7880 - We will take rest if it sustains above 0.7900 then next week we will plan to take long positions else holding down below 0.7900 - It can drop below 0.7333 - Enjoy the weekend.
How can one trade in these currency pairs.Brokers like Zerodha don't have them on their platform perhaps?