Fxprotrader
Long

AUDUSD: Watch For A Buy Setup At Lower Parallel

FX:AUDUSD   Australian Dollar/U.S. Dollar
442 0 21
Price has reached the lower parallel of an upsloping median line set and it has already bounced from it. We may see that it has reached the parallel retracing into a corrective structure after an impulse and most likely we will soon have the next impulsive wave. I will personally wait for price to break above the corrective structure, wait for a consolidation and go long aiming the lower quartile of the set.

snapshot
Comment: Buy setup about to complete. Price is consolidating after an impulsive up move. A breakout above the correction would be our entry with sl below previous swing
snapshot
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