Todays (12-14-16) Fed rate decision was to raise the interest rate and to continue to do so throughout the next year. In light of this recent decision AUDUSD has given us a big short opportunity. A High Probability target of 0.70474 clusters nicely with an AB=CD pattern.
On a smatter time frame I am looking for a small retracement here to enter a short. If this retracement does not a occur and price creates a new lower low consider taking a short in that instance as well.
Overall, The highest probability target is 0.71790 followed by 0.70474 and a cautious level at the end of the AB=CD pattern at 0.70557.
Best, Chartistry
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UPDATE:
First target hit, expect a limited correction before continuation of downward trend.
Chartistry
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UPDATE: Traders,
Make note of this current Wolfe Wave Development. We could see a larger correction unfold before hitting the final target at 0.70474.
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UPDATE: Target Hit.
Traders,
The 1-4 target line has been reached. I will be looking at the action around this level to know if it will fall from this point of if AUDUSD has further room to climb before heading back down.