FX_IDC:AUDUSD   Australian Dollar / U.S. Dollar
29 18
Long @ 7684,7685, 7686
Stop below 7630
Will add to position
Price has moved into congestion area on daily and 4 hourly chart.
OK...as its Friday and my position is not in profit with a good margin, I'm not prepared to carry it over the weekend.
As a result I have sold all my longs @ 7637
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I would not encourage going long until we see a far better set up on longer time frame chart.
My assumption is that on 4 Hour chart an abc down is complete from the highs..c has slightly extended length of a...the b was the consolidation phase.
The eurusd is also in a similar situation which gave me the confidence to begin trading euro from long side and has given good results.
The AUSUSD could display the same pattern.
If it is an abc correction from the highs then we could be in the early stages of a 5 wave up move...IF this is the case I think currencies will be a great short in due course.
In the BIGGER picture I think the US Dollar will go to at least 120, if not higher, but such moves take many months to unfold.
I do not solely rely on EW but when wave patterns are somewhat obvious i pay attention and then layer and combine my other analysis on top.
I am only dealing with possibilities..!!
Added @ 7677, 7678
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You can see horizontal support on the 4 hour chart...
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Will be interesting to see what happens IF price gets above 7705/15
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added @ 7665
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added @ 7667
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first indication that a good low is in place? if price trades above 7675 then 7690..
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im a little concerned that price is not even attempting to rally from depressed formations...!

Stop on all longs @ 7620
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