cashmachine01

AUDUSD Impending Corrective Structure

FX:AUDUSD   Australian Dollar / U.S. Dollar
21 0 1
D1 the shorter term daily trend line was broken and a pullback occurred not breaking the beginning of wave one. The second impulse wave has hit Daily and Weekly downtrend resistance and I am expecting a corrective structure that may be traded on a lower time frame IE 60.

I am not trading this move as I prefer to stay with the trend. Given the speed of the impulse wave the pullback may be smaller and stay within the channel forging its way upward.

Overall I am expecting a breakout of the D2 trend line , based on the weekly and monthly charts where there is a convergence of the monthly and Weekly trend lines .

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