FX:AUDUSD   Australian Dollar/U.S. Dollar
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I went long at the bottom of the tl on Thursday @7101. As expected, AUDUSD             bounced off trendline support at 7096, and has made highs of 7198. Some pullback is to be expected, however watch the reaction to the price around the 38.6% Fib ext. EW analysis shows this move as a possible C wave up of not only the minor ABC pattern, but of the MAJOR ABC pattern. This could result in a huge correction to the upside, well above the target I have on the chart. Keep in mind this pair has been on a steady downtrend for over 2 years, and a big move up is bound to happen Look to go long around the 38.2% ext sl and tp on chart. If price were to break below the SL, further downside is to be expected.
however watch the reaction to the price around the 38.2% Fib ext.* -Typo
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Spot on!
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