After falling near the level of 0.74800 AUDUSD has found its bottom near the level of 0.717000. If we observe carefully we can see an inverse Head & Shoulder pattern whose neckline has been broken decisively in today's session. From the perspective of Elliottwave analysis , we can see a Leading Diagonal & a three wave correction followed by a rally above the...
The current price action clearly suggests that AUDUSD is rising updward in an impulsive manner & just finished it 4th wave. one should buy on cmp with SL of 0.73600. & look for the tgt of 0.7500 / 0.75500 as a wave 5.
Time to take a LONG entry on AUDUSD based on below price action:
(i) Nice bounce back from multiple support area 0.77000
(ii) Short term downtrend line break
(iii) Market already in a range with multiple respect on the same R/S area
TAKE ONLY 2% RISK OF CAPITAL PER TRADE
According to my analysis AUD USD going to be bullish Soon.
Possible, 1st resistance near: 0.7807
2nd resistance and Supply :- 0.7970
There is a trendline from Higher timeframe
Demand near:- 1nd;- 0.7694
And AUD/USD net short retail sentiment is high. So smart money may take long side.
Hey what's your thoughts...