AUDUSD 60 min falling wedge

FX:AUDUSD   Australian Dollar / U.S. Dollar
2622 10 169
Hi Guys, this looks like a falling wedge which should break to the up side , if it does then buying the break out is a good idea, Remember 90% of the break and reverse the move but some just break make a small (corrective ) move up and then continue the down side. Make sure you have a strategy to trade such pattern.

Trade with care.
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+1 Reply
i just buy the breakout thanks for the chart
+1 Reply
I agree Anil, but I think the down trend has almost exhausted.
More likely to be a buy.
+1 Reply
Nice one, Anil.

MACD indicator suggests the ceasing of the downtrend as well a possible fourth wave.
I would guess a consolidation based on the previous price action.
+1 Reply
hi Anil, do you think we might see 0.7 before it breaks to the upside? i am short from 72.5 looking to switch sides around 0.7
+1 Reply
anilmangal NidalDarawsheh
possible but if the falling wedge plays out then we will get an up move today.
+4 Reply
NidalDarawsheh anilmangal
true, I am hoping for a news spike today
+2 Reply
Hi Anil. Do you believe this wave count could work as the wave v of wave 3 is sitting at 1.618 extension of wave 1 and may reverse from here itself to upside to make Wave 4.
anilmangal TradebyRik
Looks nice, but I would not label that structure as a motive 5 wave.
+3 Reply

This was my view yesterday, your view please.
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