AUDUSD-rejecting from 0.7500-wave 3 unfolding

FX:AUDUSD   Australian Dollar / U.S. Dollar
750 11 14
I see a nice combination of technical and EW theory.
Technically, the price is rejecting from the 0.75000 round level.
According to EW theory intermediate wave 3 red is unfolding, the strongest impulsive one.

Stop loss above 0.75000

First target is 1.61 fib extension
Last target would be near 0.7000

Trade carefully and do always your own analysis.
This is not a signal service.

Happy weekend
The next couple of weeks offer some fun surfing the long and short waves of AUD/USD volatility for sure I have a similar target for the pair, but I can also see a test of the 14 year trendline on the cards ;0)
FullTimeTrader aceofswords
Hello, i agree, the price will test the long term trendline. The 0.61 fib retracement is my favorite, sure we will have some reaction near that level.
IvanLabrie PRO FullTimeTrader
FullTimeTrader IvanLabrie
Very possible scenario, short then long. Looking at Anils chart the long term bias has a huge potential
Nice, i see the same but not that deep...
Yahia.Awes Yahia.Awes
This monthly hidden bullish div is no joke on channel support
Yahia.Awes Yahia.Awes
Candle pattern wise, i see a HAMMER, HIGH SPIN DOJI and INVERTED HAMMER. All bullish candles on downtrend, this is just a flush of sl from weak bulls.
FullTimeTrader Yahia.Awes
i agree, i did also a top down analysis. I expect a retracement near 0.786 fib and the trendline is near that level. Anyway, target 1 is more probable.
+1 Reply
Yahia.Awes FullTimeTrader
Weird if i connect the bottoms i see the third one hits the trendline. Did you put log-scale on?
FullTimeTrader Yahia.Awes
Its normal scale, very strange, it happened to me before comparing to thers traders posts. Anyway i've checked it on my MT4 platform and the trendline is correct.
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