AUDUSD has formed a Double Bottom on a weekly timeframe and looks set to bounce from there. My analysis indicates that wave 2 has ended (formation of double bottom and Completion of ABC) and we might now rally to Wave 3, which cannot be the shortest of 1 or 5. A reversal to the upper side has also been confirmed by the RSI divergence which makes be Bullish.
If you enter, Stop loss should be below the double bottom (around 0.682 area while Tp 1 should be the upper channel around 0.75 area, while TP 2 could be around the 0.8 area.
Your views are welcome
If you enter, Stop loss should be below the double bottom (around 0.682 area while Tp 1 should be the upper channel around 0.75 area, while TP 2 could be around the 0.8 area.
Your views are welcome