We have a 5 Wave upward Impulse complete which is followed by a Correction which is a Flat. Hence this 5 Wave upward Impulse becomes a Wave 1 and the Flat structure becomes a Wave 2, both are complete and hence now we have The Wave 3 in the Long Term hence overall the Trend is Upward.
This Trade is for the Long Term...
The 4-hour right side is up against 5/04/2020 low (0.6373). 1 hour is turning up against 0.6772 low. Near-term, while dips remain above there expect pair to extend higher 1 more push before correction against 2012 peak ends as a zigzag structure & resume the downside.
Short term Signal
Good luck !
Prices have been back from 0.65600 levels twice and the triangle formed is holding a strong support line. Today, prices have fallen in the Asian sessions but recovered some upward strength.
Also, 0.64322 have Bollinger bands support and trend line support.
From here, prices may test 0.65600 and above levels again as RSI is pointing to an upward movement, and if...
The weekly right side is down against the 1/26/2018 highs at .8130. The daily right side is down against the .7029 highs from 12/31/19. While bounces fail below .6445 where the 4 & 1 hour are turning down the pair can continue to see weakness lower.
The daily right side is down & the 4 hour right side is down against the .7035 highs from 12/31/19. While above .5978 where the hourly right side is up the pair can correct the cycle lower from the 12/31/19 highs.
Short Term Signal
The weekly right side is down against the .8130 highs from 1/26/2018 & the daily right side is down against the 1/31/2019 highs at .7299. The 4 hour is favored to turn up soon when the pair corrects the cycle from the .7032 highs from 12/31/19 & while below there expect the pair turns back lower.
AUDUSD has rebounded from the falling wedge pattern in which it has been moving from past one year. The bounce was supported by the positive divergence between the price and RSI indicated by blue lines. The upwards thrust can bring the prices to 0.68676. The stop loss for the entire trade will be at 0.66582.
Audusd has a complex corrective structure in which market is moving towards to Z wave. Taking any long position above the price of 0.8130 is very risky. Be aware !
Currently looking for a flag correction which is almost developed.
Note: This is mere a idea not a trading signal to trade. Trade carefully !
Thank you for your support !