We have an opportunity here for a wave 3 of 3/C higher. But I would like price to fall a bit more before buying.
I think 78.60 might be a good place were price could find support, as we have the 50% Retracement level and also all Moving Average are together.
Notice also the Cup and Handle pattern.
Even tho it's more V-shaped (hence, a bit less reliable), I believe this can give some more confidence to this trade.
Stop will be at wave (ii) low and first target at green 61.8% Projection level at 80.50.
! In a few hours the RBA's Meetings Minute, so you can wait for that before entering this trade.
I think 78.60 might be a good place were price could find support, as we have the 50% Retracement level and also all Moving Average are together.
Notice also the Cup and Handle pattern.
Even tho it's more V-shaped (hence, a bit less reliable), I believe this can give some more confidence to this trade.
Stop will be at wave (ii) low and first target at green 61.8% Projection level at 80.50.
! In a few hours the RBA's Meetings Minute, so you can wait for that before entering this trade.
Note
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.