Seems like our kangaroo...keeping its last kick. If it does, this one is gone hurt the greenback....badly.
This week price drops from peak of 0.7282, a bit random and scrambled as compound of corrective waves which can be described as (W)-(X)-(unfinished Y) blue.
As most news headlines this week describe for aussie weakness to dollar, and if so...the drop from 0.7282 should be in impulsive mode, but not in this case which is more corrective movement.
Rally from 0.7018 low made of impulsive 5 waves structure. If indeed, 3 waves formed as (b)....there should be a next move of 5 waves to complete the formation as a of (Y) to finish.
Also breakdown on lower time frame of (X) blue, show distinctive form of Triangle as the middle of a three wave (b?) magenta.
Double Divergence also noted at 4H chart.
Kick point....( )..... of (Y) Blue at 0.7180 ( 61.8% of wave (a).
Hit at greenback's head......at 0.7449 (100% extension of wave (a)....or...less ).
Lower blue ...unbroken, if it does...a possible sideways move of (b?)
Next week could be the start of the Kick.
We'll see then.....
?? No wonder... yesterday he won't jump..., I think he is preparing for his stances. What a Kangaroo..!?
Have a good weekend and Trading (Next week).
Next week we shall see how the wave will develop.
With double divergences on 4H...my analysis on RSI show positif build up (high pressure) for buying. This might broke the 0.7281 peak...or..may not.
Updated Chart....should be a consideration for buying & not to get surprised if our kangaroo did not penetrate 0.7281, a possible scenario that the (b) correction can expand to a 3-3-5 Flat. If there is....
I could only provide at the smallest chart (15m)...quite hard to squeeze the 5m chart.