ANALYSIS: AUDUSD: Reversal? Or More Downside To Go?

FX_IDC:AUDUSD   Australian Dollar / U.S. Dollar
634 11 18
I haven't posted on this pair in a while so I thought I post a complete analysis again to update things. The last time I posted an analysis on this I think about a month ago, I said that this pair was headed for 70 cents if not lower. When I posted that, I go a reply simply saying, "Yeah. Right. Sure it is!". Dripping with sarcasm. Well, here we are. I was wrong about one thing. I said it would take almost the rest of this year to get to 70 cents. Buy! Was I wrong!

Price have actually already broken into the 70 cents range although have yet to actually hit 70 cents. It's about to do that. And soon. The current ending wave has not ended just yet. As you can see in the chart above, I have prices working on a wave (iv) of (v) and that wave (iv) should end soon. It cannot pass 0.72142 which is the ending of the wave (i) of (v) or else my count will be wrong. But after it does get near that point and then hopefully reverses back down to complete wave (v) at or near the 70 cents mark, I'll be waiting with my BUY orders!

OVERVIEW - Monthly Chart Wave Count

MONTHLY CHART - Close-up On The Corrective Phase

DAILY CHART - Early POTENTIAL Bearish Cypher . C Point Not Yet Set

4HR Chart - Close-up On the Final Wave 5

I'm not in any positions at the moment. I will NOT trade the wave (v) down off of the wave (iv) finish because 70 cents level where I expect wave (v) to finish is too close. I am waiting for prices to get to 70 cents and will be VERY interested to see what happens then.

Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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Hi, price touched 0.7204 and then fell, can u please do an update on that wave?
Why? At 0.72040 price level, my wave count still holds so don't need to re-evaluate my counts right now. With that said, did you see my update and revised wave counts on this pair?
Hi man, nice charts, thanks for sharing!
Doubt that 70 will hold as China's market just started its deep ABC correction.
60 looks firmer as wave 4 was there.
Yeah, I kinda agree that even 70 cents won't hold. But still, I think there will be some kind of reaction at 70.If 70 does not hold, that bullish crab will start looking real good!
aibek EverythingForex
Gold stopped falling and gonna rise so maybe there is still a chance of 70 to resist
Good to know! Thanks!
China has just cut the interest rates, we just play along for now :D
Yes, I know. I live in China. But in my analysis, I do not use fundamentals. Thanks for the comment though! GL!
beamer EverythingForex
Cool! I'm residing in China now. What province u come from?
I'm in Guangdong. Dongguan to be exact. But I'm actually an expat from USA. Yes, I'm chinese but an overseas chinese come back to China.
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