AUDUSD - Broke a Contracting Triangle

Currency Pair: AUDUSD
Frequency: Daily
Predicted Direction

AUDUSD has been trading sideways as a contracting triangle since April 16. It has completed the 5 sub-waves with ABC pattern in May 2017.Since then the price broke the upper descending trendline and test for the higher of 50% Fib resistance level, giving a signal that the price may start a new trend. As the price has failed on the second attempt of breaking the resistance zone of 0.881162 - 0.80656, AUDUSD may follow by an a-b-c correction to the support level of 0.78120 - 0.77893 before going up further. If the price eventually breaks through the resistance zone, then we can have a confirmation that an upward channel is formed and the targets are (I) 0.84225 and (II) 0.89021

Comment:

Comment:

Waiting for hitting the support zone and the corrective wave ((c)) is soon to be finished. It's time to prepare a long position of AUDUSD. The final support will look at the descending trendline (Blue)

Comment:

Successfully hit the support zone of 0.78120 - 0.77893 and the price is going down to test the last support level of the descending line (Blue). When we look at the chart, AUDUSD is currently trading at the last impulse wave (v), which belongs to the corrective wave ((C)) of the zigzag pattern. Price will expect to find support above 0.77 level and the first target will look at the upper resistance zone