AUDUSD: Going To See Sideways Action For Time-Being But Opportunities Abound
AUDUSD has many confounded and confused. What do I always say? If you are confused about what is happening, it is most likely that is because it is in consolidation. And that is what I see this pair being in and should be for the next weeks. There should not be any MAJOR trend developing. Does that mean that we won’t be able to trade and make anything out of this pair? NO! OF course not! In fact, there will be many good opportunities to make some good pips out of this consolidation…as long as you know where it is within this correction.
Here is the of AUDUSD that is showing where I believe we are within a developing correction. The last MAJOR trend we saw was that long move up in 5 waves which I marked the wave (A). From there, we saw a sharp drop back down retracing that wave (A) in what should be the smaller wave A of the larger wave (B). But right now, where I see it being is now in the beginning of the wave B of (B). That wave B I am seeing will be a long sideways flat wave B. the wave (a) of that B may have completed in 5-waves and now it is just starting the wave (b) of B. That wave B should be 3 waves and the smaller wave (a) of B could’ve just finished and wave (b) is beginning.
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 or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. 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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