AUDUSD - READY FOR WAVE NUMBER 5 OR BREAK OF TRENDLINE?
As we can see the pair has been in a corrective structure for around 2 weeks now and formed a nice descending channel, but we have now reached the end of it. The question now is, will the pair break above and continue upwards or will it break through the trendline and further downside?
From a technical standpoint we can see that according to my wave count there is still one more wave up to go, and we have also found some support now at the previous broken resistance which also happens to be the 50% Fib level of the most recent Swing Low > Swing High. This is why i believe the pair might move up some more. My entry reason would only be a break above and close above the descending channel otherwise I will not be considering a long entry.
Trade safe and do your own due diligence before entering a trade.
From a technical standpoint we can see that according to my wave count there is still one more wave up to go, and we have also found some support now at the previous broken resistance which also happens to be the 50% Fib level of the most recent Swing Low > Swing High. This is why i believe the pair might move up some more. My entry reason would only be a break above and close above the descending channel otherwise I will not be considering a long entry.
Trade safe and do your own due diligence before entering a trade.
Comment:
Strong breakout, looking for a pullback to go long
www.valuedbusinessconsulting.com/