Welcome to my new Update-Analysis about the AUDUSD developments. In my recent analysis about AUDUSD I pointed out how AUDUSD completed this great descending-triangle-formation and was ready for a major continuation as further support-zones confirmed the price-action for further expansions on the 4-hour timeframe perspective likely to show up. This is what then also happened on the 4-hour timeframe perspective and AUDUSD continued with the expected movements to reach out all of the target-zones as shown within the origin-analysis attached. Now as I analyzed the bigger picture of AUDUSD I spotted that there is actually a much more important formational structure moving forward.
As it is marked in my chart AUDUSD with the recent bullish alignements managed to breakout of the upper-boundary of this huge broadening-wedge-bottom formation which is a formation I already mentioned several times in the past and such a formation has the ability to transform price-action into a protracted bottom with exponential volatility-expansion potentials as it is now starting already. Furthermore, with the breakout out of the formation AUDUSD has started a global trend which is now trading above the major support-line marked in orange in my chart. Together with the 50-EMA marked in greene and the volume profile there is a lot of suport on which AUDUSD is now gradually building up.
All these factors are pointing into a continuation of the established trend to reach out the first target-zone as seen in my chart. When AUDUSD does so with appropriate momentum and a breakout even above this zone there is a strong base for continuation likelihood-possibilites and AUDUSD will point to the next target, as the second target-zone to be reached out. For now AUDUSD will firstly hold on the local support or firstly pullback on the broadening-wedge-support together with the major support-line to continue the trend-direction, either way is likely to move into this direction. What will help the Australian Dollar as the fifth most traded currency in the world from a fundamental perspective and back the current trend is when the trade surplus increases and the Australian Dollar is used more for investing into foreign projects.
Thank you everybody for watching. It will be great when you support my idea and we move on forward together. “Destiny is no matter of chance. It is a matter of choice. It is not a thing to be waited for.”
VP
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Origin-Analysis on the 4-hour timeframe perspective chart:
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ANALYSIS UPDATE: Target-Zones on the local timeframes reached
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ANALYSIS UPDATE: AUDUSD is retesting the lower boundary of the massive broadening-wedge.