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 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 at this point is showing an oversold condition as well.
You can see on this which focuses in on the current wave (iv) correction that this is occurring again near a strong with multiple touches and rejections.
I will update this when it has completed with targets and PRZ.
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