Now why am I so on the Aussie?
On this monthly chart, you can see a very large at play. The D point happens to terminate down at 62 cents which is at a previous major SR structure level. At that level, look left and you will also see MAJOR SR structure. According to my wave counts, aussie has been in a large wave ( III ) for awhile now that is nearing it's end. And I suspect it will end somewhere within this major SR structure zone between 70 cents and 62 cents.
Prices are heading up in a retracement towards the recent SR levels. It will retest that zone. Can't know if it will pass back up through the SR Zone to complete the but I will be watching. For now, I am in a small LONG position to capture some short-term pips based on the pattern breach, and expectancy of the SR Zone retest. When prices reach that area, I will close any LONG positions and start looking for reasons to enter short again for possible STRONG move down from there. If prices do penetrate the SR Zone and complete the , I will definitely look to enter short at that point.
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