The larger wave I lower from the .8135 wave (IV) highs from 1/26/2018 where the weekly & daily right side is down ended the cycle at .6670 on 10/2/19 . From there a wave ((W)) is in place on 12/31/19 at .7033 where the 4 & 1 hour are turning lower. While a bounce fails below there expect wave ((X)) corrects the cycle from the 10/2/19 lows.
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 trading near to the channel support, As per wave analysis B wave is going to complete. I am looking for wave C upside with target of 0.6835.
ENTRY & EXIT SIGNALS
LONG @ 0.6710 -- SL -- 0.6650 -- TP @ 0.6835
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 !