At D1 TF ( same at W1) we have a very interesting trading pattern for Aussie; according to my TA point of view, Aussie is now in the corrective phase with a chart pattern lower highs higher lows, nearly at the end thereof, which indicates it will soon make a breakout to reach a higher level at around 0.82xxx in the coming time (weeks).
Anyway there is some arisen questions about how will AUDUSD move firstly? straightly up to reach its destination, or firstly down, then up?
I suppose that it can occur with the following scenarios:
- 1) scenario: Aussie will move along my drawn small diagonal triangle and try form the peak thereof a breakout; it it performs successfully, then let's say 0.82xxx is its next destinations( 0.80xxx firstly).
2) scenario: Aussie will breakdown the level at 0.763xx( D1 candle closed below!), then we get here its B leg ( the levels are depicted on the chart).
3) and scenarios are mixing: This is the third alternative, in which Aussie still moves up to reach the last peak again=ending the triangle diagonal included trap, but D1 cannot closed above the mentioned level, then it will be being heading southward from there. Levels to come are the same as depicted, so we get also from here the B leg again.
We have put the alerts for that pair and if we get the notified , we will update our trade signal, which is loaded out via to our web, and you can check the enter level there( check the link at my signature below). Anyway we will make the trade here activated firstly.
Thanks for your interest!