FX:AUDUSD   Australian Dollar/U.S. Dollar
8 months ago
Unfortunately I'm a bit late to this one, since I've been busy with college lately.

We can see that the A-B leg has retraced to the 0.500 retracement of X-A.
And the completion point at D lies on the ratio confluence area between the 0.786 retracement of X-C and the 1.414 extension of A-B.

This area has also proved to be a strong support before, which could now turn into resistance.
The RSI indicates strong divergence.

It's a bit late to look for profits at the 0.382 of C-D according to my standards, since the Risk/Reward ratio would be less than 1.00. However, it's not too late to seek profits at the 0.618.
7 months ago
Comment: UPDATE:
There is currently another minor cypher setting up on the hourly time frame. The link to the idea is posted below.

With regards to profit seeking, I would adjust and try to hit the 0.382 level mentioned. The USD seems to be depreciating across various pairs, which makes me believe that the potential bear action on AUDUSD won't be strong enough to hit the 0.618.

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