"D" extension finally reached for AUD/USD giving birth to the new "A" "B" boundaries. The market has just recently formed the "C" pullback with a beautiful Doji on the 50% Fibonacci pullback. I still believe that this pair could continue bearish for the next few months based on the monthly time frame analysis.
Looking at the daily time frame, the market already broke the counter trend line.
Watching the 1Hour TF for potential retest of this counter trendline as I've already missed the daily "C" pullback. Once the market retest this trendline I will be looking for a doji rejection candle and counter trend line on 1Hr chart bearish for an entry.
My stop will be above previous 1Hr high and target at the next daily support where our "B" extension formed.
Looking at the daily time frame, the market already broke the counter trend line.
Watching the 1Hour TF for potential retest of this counter trendline as I've already missed the daily "C" pullback. Once the market retest this trendline I will be looking for a doji rejection candle and counter trend line on 1Hr chart bearish for an entry.
My stop will be above previous 1Hr high and target at the next daily support where our "B" extension formed.
Trade closed: target reached