AUDUSD: Still Waiting For That MASSIVE Drop!

FX:AUDUSD   Australian Dollar / U.S. Dollar
2165 9 41
This is a REPOST of a FREE Post-NFP Analysis that was posted yesterday on my website. You can get alerted instantly by email if you wish to know when I release analysis on my site just by registering and then signing up for my FREE email alerts. Ask me how!

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 triangle pattern . From there, I will be looking for a SELL for a possible HUGE move down in a wave 3.

This is the updated Daily chart 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 H&S 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 H&S pattern would no longer be valid.

There are 2 POTENTIAL patterns that are valid for now: a Bat and a Cypher .

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Comment: Uptrend is not done. So be careful to take a SELL. Recent high of this trend has broken the previous high before the Brexit. So invalidate both Bat and Cypher. In my 4HR Chart above, I have an ALT view (pink dash line) that shows possible that prices will move higher into that MAJOR Downtrend TL. That is now my view.

Comment: Possible if breaks .76579....

Comment: Given recent price action, it is possible that we have seen the top now. In any case, would be small risk now to take a SHORT trade.....

Comment: ...and here we go!

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Uptrend is not done. So be careful to take a SELL. Recent high of this trend has broken the previous high before the Brexit. So invalidate both Bat and Cypher. In my 4HR Chart above, I have an ALT view (pink dash line) that shows possible that prices will move higher into that MAJOR Downtrend TL. That is now my view.

VincentWhiting EverythingForex
great charts thanks. The NZDUSD is similar, waiting for a fall, only problem is that the swap is not good for shorting these pairs, waiting for the drop to happen. Also, i agree some more upside to come yet, H&S invalid.
EverythingForex VincentWhiting
thanks. Agreed. More upside.
TTCSteve EverythingForex
I'm running with it being the wave b of B which looks for wave c of B down towards 73, whilst last nights high and specifically the 76.82 level holds fwiw
TTCSteve EverythingForex
couldn't break 75.70-60 so upside still intact with your thoughts
TTCSteve EverythingForex
Chinese GDP may coincide as an interesting inflection point
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