TimStuyts
Short

AUDUSD consolidation in progress

FX:AUDUSD   Australian Dollar/U.S. Dollar
67 0 1
The AUDUSD             is consolidating after the break out of the triangle. Have a look for context in my previous post.

AUDUSD waiting for consolidation and sell


I'm looking for at least a 3 wave correction for a new sell opportunity. In the ideal scenario we saw a wave A completed at 0.7060 with wave B currently in progress. Wave C should complete the correction/consolidation by means of a test of the triangle support/resistance line. Keep in mind that later today we have FOMC on the agenda which will likely increase volatility .
However if we see a 3 wave correction followed by a bearish break out of the consolidation I will sell this pair.

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