E AUD/USD Eyeing 0.656 Zone

AUD/USD is in a downtrend for the last 10 months, but not in an impulsive one, so we think this can be wave B) of an irregular correction. We are specifically tracking sub-wave c down towards the 0.656 area, after a completed sub-wave b at the 0.693 level.

AUD/USD, Daily

On the 4h chart of the AUD/USD pair, we can see that price made a high, and found resistance at the 0.693 area, from where the price started dropping to the downside. Ideally, the flat correction within the wave b is completed, and a new, five-wave movement into wave c is in play. That said, we are tracking the first five waves into sub-wave i) of c which can later be followed by a temporary a-b-c retracement.

AUD/USD, 4h

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Mike Nolan 2 months ago Member's comment

Good stuff.

Gregor Horvat 2 months ago Author's comment

thank you