aziz.elliot

$AUDUSD - Moves inside a triangle

Long
FX_IDC:AUDUSD   Australian Dollar / U.S. Dollar
Hi guys! πŸ‘‹πŸ»

πŸ”” Australia projects a recovery from the pandemic footprints on the economy. The third quarter CPI announced 1.6% growth was beyond the expected 1.5% and more importantly the YoY CPI of 0.7% signalled an economic recovery of the state.

πŸ”” Despite the growing numbers, AUD was not able to overtake the US Dollar and continued the down slide this week and the pair yesterday only lost 0.92% against the USD. As the Election day gets closer, the volatility rises in the market, giving an edge to the US Dollar in spite of continuous losses of the US Indices.

πŸ”” The US GDP and Jobless claims were beyond expectations, showing a recovery in the US economy, hence gains of the DXY . However, things might change dramatically during the election days.

πŸ”” The 4H chart of the pair has formed a triangle pattern and one more leg up is required to complete the 5-wave ABCDE correction.
A breakout from this triangle could trigger another round of impulse waves. The Daily chart on other hand signals the bearish continuation. The RSI divergence on a daily chart demonstrates the power of bears, whereas all bullish attempts are put to a stop lower than the previous.


πŸ”” Since the bullish impulse wave of March 19, AUDUSD has formed triangle patterns two more times, though they were not of a greater cycle as this last one, all two were then followed by another impulse wave, let’s see if this triangle also triggers an impulse of a greater Elliott Wave cycle. Doji might as well support the short-term uptrend.

πŸ”” I don't think that AUD will drop below 0.70200 and I still look forward to seeing the growth towards 0.71220 - 0.71340, although if that happens look for support levels at 0.69700 and 0.69250.

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Comment: Melbourne lifts the lockdown, the state's businesses (cafes, restaurants, shops) are opening doors.
Trade closed: target reached: Congrats!
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