AUDUSD: Potential Bullish Cypher......Again!

FX:AUDUSD   Australian Dollar/U.S. Dollar
Here we have yet ANOTHER bullish cypher that might soon complete. This is on the tail of the previous bull cypher that I had identified and that gave a nice quick +79 pips profit (see "AUDUSD: Dueling Cyphers and All That Jazz! Top-down analysis.... " post)

As with most of my analysis I do, I don't just try to give out the pattern but also the reasons why I think the pattern is valid and why it will most likely be profitable. So here''s my analysis to back it up....

First, I had already posted a top down in-depth analysis on this pair. You can see it under "Related Ideas" under "AUDUSD: Dueling Cyphers and All That Jazz! Top-down analysis...."

But here's another top-down view of what is going on now and why I believe this bull cypher will be profitable and might lead to a good up move. This is a MONTHLY chart which according to my wave count, we are currently in a wave (iv) correction of a larger wave 3. The wave (iv) is in it's early stages and still has room to correct to the upside. The RSI at this point is showing an oversold condition as well.

You can see on this daily chart which focuses in on the current wave (iv) correction that this cypher is occurring again near a strong support area with multiple touches and rejections.

I will update this bull cypher when it has completed with targets and PRZ.

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