AUD/USD could PUMP really nicely!Hey tradomaniacs,
looking at the structure of AUD/USD I see a optential opportunity to go long since DXY (US-DOLLAR) has reached a new low and broke its support and the risk-on-tone continues in the stockmarket.
Technical aspects:
After a strong rally AUD/USD has ranged within a rectangle completing the W-X-Y-wave-Pattern wit ha fakeout to the downside in order to attract retailers to short it.
This is showing how BANKS make sure they get the liquidity they need in a low-volume-market. (SL-FISHING + fooling breakout-traders)
After finishing the Wave-Pattern (W-X-Y) a new Impulsive-Wave is possible. Currently we see how the market sticks to its current trendline with more bullish confluence and demand!
As always - BE CAREFULLY ahead the FED-Event.
More Stimulus is to be expected and can pump AUD/USD.
LEAVE A LIKE AND A COMMENT - I appreciate every support! =)
Peace and good trades
Irasor
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