FX:AUDUSD   Australian Dollar/U.S. Dollar
184 0 1
Price has stalled by the completion point of AB=CD of
larger upward move, consolidated and is now trying to
breach this level without any meaningful retracement
(to any pattern targets). The latter part of the CD had strong
momentum , yet the early part was slow, all in all resulting
in a slower/weaker CD leg. IF price close above the
0,9310 level and shows continuation of this breakout,
the next, extended D-point is 127ext right at Monthly R1
at 0,9425 or the 161ext at 0,9570 in confluence with
Monthly R2 at 0,9563. However, a more cautious approach
to trade this breakout is to wait for a bounce off of the
upper Pitchfork channel and weekly R2. A failed breakout
may accelerate price move towards first target of the
AB=CD pattern . Strategy, wait for confirmation of breakout
and buy a bounce towards extended D-point. Sell at extended
D-points after entering signal. One can argue that the D-point
hasn't been traded until today on the pip. This might be a case
of trickery when market just slightly miss a completion and only
after hitting it starts the retracement. Time will tell here.
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