AUDUSD, Developing Triangle, Opportunity When Confirmation!

Hello, Traders Investors And Community, welcome to this update-analysis where we are looking at recent events, the current price-structure, and what we can expect the next hours and days from AUDUSD. The major uptrend which I forecasted in previous analysis about AUDUSD confirmed properly as mentioned and touched the trendline before showing bearish signs to the downside where AUDUSD is building an overall consolidational range here if you did not saw this analysis already I highly recommend that you look at it when going on my account to have a full-depth-overview. Besides this fact, there are some other interesting signals which I determined and which will affect AUDUSD in a significant way.

As you can examine when looking at my chart now is that AUDUSD is moving in this overall sideways range which is building a triangle that is marked in my chart with the blue trendlines. At the moment this triangle can confirm either to the up or downside as there are factors playing into both scenario, on the bearish side it is the fact that AUDUSD is heavily overbought and after such a bull run normally comes minimum a smaller correction when not a bigger pull-back, on the bullish side it is the fact that AUDUSD is still holding above the 400-EMA in black and the 100-EMA in light-blue which are serving as strong support levels holding the trend to the upside, therefore, the price currently reaches an equilibrium state where it has to show which is the proper direction.

On the smaller scale, AUDUSD is developing the overall wave count where it is setting up the final wave E now to complete the overall wave count. This happens when the upper boundary is touched a last time after which we can get another pullback before the final breakout establishes. At the moment it is possible that AUDUSD breaks directly to the upside or to the downside but this probability is at the moment highly marginal because the triangle isn't established for that long time now. From a trading perspective, the breakout can be traded either aggressively with an immediate entry or conservative with entry after confirmation, therefore the fact that it is possible to confirm the triangle in both directions the conservative approach to wait on confirmation is definitely smarter here.

In this manner, thank you for watching, support for more market insight, have a great day and all the best my friends! ;)
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Information provided is only educational and should not be used to take action in the markets.

Comment:

ANALYSIS UPDATE: AUDUSD continued with the completion of the wave count within the formation to pull back bearishly off the crucial resistance cluster.

Since the completion of the pullbacks, AUDUSD formed a huge triangle breakout emerging with massive volatility.