This setup might look familiar yes, AXY served to inform and as a reference basis for this pair. This is because AUD is the base currency
and so it is affected directly by the Australian index and how it performs. Wave B has closed above wave 5, this is absolutely normal
provided it adheres to the Fibonacci rules and so it does. This form of correction is known as the expanded flat pattern. Having this
knowledge targets are either set just before, equal to or just below wave A. Divergence within the RSI can also be identified and noted.
Targets:
-0.69500
-0.68000
-0.64000 (maximum possible target, less likely to pan out)
If you enjoy this setup, please do let me know down below or by the likes button, I would highly appreciate it. Have a blessed trading week.
and so it is affected directly by the Australian index and how it performs. Wave B has closed above wave 5, this is absolutely normal
provided it adheres to the Fibonacci rules and so it does. This form of correction is known as the expanded flat pattern. Having this
knowledge targets are either set just before, equal to or just below wave A. Divergence within the RSI can also be identified and noted.
Targets:
-0.69500
-0.68000
-0.64000 (maximum possible target, less likely to pan out)
If you enjoy this setup, please do let me know down below or by the likes button, I would highly appreciate it. Have a blessed trading week.
Trade active:
Price Exceeded original entry level and reversed beautifully with a double top in line with the 5th wave giving us an opportunity to trade the C leg of a possible regular flat pattern. Expecting a retest of the neckline as the market opens and prepares itself for the new week.
Price Exceeded original entry level and reversed beautifully with a double top in line with the 5th wave giving us an opportunity to trade the C leg of a possible regular flat pattern. Expecting a retest of the neckline as the market opens and prepares itself for the new week.
