Forex Technical Analysis:AUDUSD Terminates Complex Correction At 0.6735

Bottom line:  AUDUSD overall bullish structure is expected to remain intact until prices s…

Bottom line:  AUDUSD overall bullish structure is expected to remain intact until prices stay above 0.6668 levels, the October 01, 2019 low.

Technical Analysis:

AUDUSD might have terminated at 0.6735 levels yesterday, and a larger degree Wave (3) could be underway towards 0.7200/0.7400 levels going forward. We have adjusted the wave counts here in accordance to the corrective structure that has unfolded. First, the rally between 0.6668 and 0.6930 was an impulse marked a Wave (1). The subsequent price action could be seen as a 3-3-3 corrective wave structure until now. This has been labelled as an A-B-C (could be a combination W-X-Y) complex corrective wave that might have terminated into Wave (2) at 0.6735. If the above counts are correct, AUDUSD bulls would continue rallying from here, keeping 0.6668 intact.  Also note that the prices terminated close to fibonacci 61.8% retracement of Wave (1) and the Elliott Channel support line. Alternately, the structure could take shape of a 3-3-5 structure, forming an expanded flat. Prices may drop below 0.6735 levels in the latter case but would still remain above 0.6668 to keep the bullish structure intact. In either case, please be prepared for a Wave (3) rally to resume from current levels or after one more marginal low. Another probability could a triangle unfolding since 0.6930 levels. If that is the case, we still have to wait for further consolidation before Wave (2) finally terminates. Immediate resistance is seen at 0.6880 and a break higher would be encouraging for bulls. No matter what structure unfolds as Wave (2), bottom line is that prices should stay above 0.6668 to keep the bullish structure intact. A high probable trade setup from here is to remain long against 0.6668, with potential targets towards 0.7200 and 0.7400 respectively.

Prepared by

Harsh Japee, Technical Analyst.

 

AUDUSD Chart

 


MyFxtops 邁投 (www.myfxtops.com) -Reliable Forex Copy Trade community, follow the master for free to trade!

Disclaimer: This article is reproduced from the Internet. If there is any infringement, please contact us to delete it immediately. In addition: This article only represents the personal opinion of the author and has nothing to do with Mato Finance The originality and the text and content stated in this article have not been confirmed by this site. The authenticity, completeness and timeliness of this article and all or part of the content and text are not guaranteed or promised. Please refer to it for reference only Verify the content yourself.

Copyright belongs to the author.
For commercial reprints, please contact the author for authorization. For non-commercial reprints, please indicate the source.

 

MyFxtops迈投(www.myfxtops.com)-靠谱的外汇跟单社区,免费跟随高手做交易!

 

免责声明:本文系转载自网络,如有侵犯,请联系我们立即删除,另:本文仅代表作者个人观点,与迈投财经无关。其原创性以及文中陈述文字和内容未经本站证实,对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺,请读者仅作参考,并请自行核实相关内容。

著作权归作者所有。
商业转载请联系作者获得授权,非商业转载请注明出处。

本文来自网络,不代表迈投财经立场,转载请注明出处:http://www.myfxtop.cn/analysis/23697.html

为您推荐

联系我们

联系我们

在线咨询: QQ交谈

邮箱: myfxtop@hotmail.com

9:30 - 18:00/Mon-Fri
返回顶部