AUDUSD has been in a long and complex correction up to which we have been anxiously waiting on to end. We are fully expecting that whenever it does end, we will see a MASSIVE drop occur in AUDUSD. That point is not yet here. But another opportunity is soon to be here.
MAIN CHART ABOVE (This 1HR chart is updated as of the time of this post and was not a part of yesterday's analysis)
You can see here that I am showing the progression of what I see as a corrective wave up retracing most of that Brexit drop. By the time it finishes, it will have retraced almost 90% of that drop. It might've just started on the wave (5) of the larger v of (c) of the larger 2. Should it follow my projections and complete that POTENTIAL Bat which ends near that upper TL (pink dashed line) of a POSSIBLE large . From there, I will be looking for a SELL for a possible HUGE move down in a wave 3.
This is the updated after the NFP. Prices resumed a slow march up. This complex correction is most likely part of the wave B of (C). On my chart, I am showing here that there is a possibility of prices rising further up past the current wave B highs and up towards that MAJOR Monthly TL (pink B).
For now, there is still a POTENTIAL Bat in place however, if prices do follow the ALT path (pink), then of course the C point of this Bat will change.
This 4HR chart of AUDUSD still shows that pattern that is still possible should prices not exceed the highs of the wave B that I have labeled. However, if prices do exceed that high, then the pattern would no longer be valid.
There are 2 POTENTIAL patterns that are valid for now: a Bat and a .
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
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