Trading is a game of probabilities, not certainties. The AUDUSD has been a headache for most Elliott Wave Theory traders. But we're about to get confirmation on whether we'll see an Intermediate or Minor Wave degree impulse or the beginning of the Primary Wave degree correction.
Sounds complicated? Let me simplify:
Just wait for the long candle stick that...
Despite no significant upcoming economic indicators from neither Australia or New Zealand central banks, a correcting movement is observable after a perfect impulse pattern. Expect a flat corrective wave before the next impulse. Trade on rallies if you're a scalper, otherwise just wait for the Wave C go deeper into the 1.0300 price area.
The following days and weeks will be presented with relatively good news for Canada's economy as the forecast for the next economic indicators looks favorable for a strong Canadian dollar push towards parity with the US dollar.
This information will be the backbone to justify the end of the current's pair upward correction, initiating a new bearish impulse. It's...
After analyzing the bigger timeframe perspective of the GBPUSD, it seems that the market cycle for this pair is heading for a bullish trend . The Fed Interest Rate decision will determine the continuation of this trend, although it's more than likely that the Fed will maintain the current Interest Rate value until December 13th.
Utilizing the Fibonacci...
If correct, we should expect a slight bullish correction. However, Fed Rate Interest decision will define if we'll have a bearish or bullish trend over the next months.
I'm adopting the Elliot Wave Theory for these initial series of ideas, mixing eventually with future Fibonacci retracements that will indicate the entry point of each trade.
