AUDUSD may form an initial 4-hour bullish pattern and move higher near the daily supply zone.
It will come back here, and after that, if it gets support near the daily supply zone again, it can be propagated as a weekly correction process. In other words, it will change from a daily down wave to a daily up wave, and it will reach around the weekly supply zone.
If so, the overall pattern will change, and if it settles on the blue support line at the top of the chart, it is more likely to be propagated to the monthly correction process.
Please take a good look at the DXY analysis article.
It depends on the action around DXY's daily demand zone.
It will come back here, and after that, if it gets support near the daily supply zone again, it can be propagated as a weekly correction process. In other words, it will change from a daily down wave to a daily up wave, and it will reach around the weekly supply zone.
If so, the overall pattern will change, and if it settles on the blue support line at the top of the chart, it is more likely to be propagated to the monthly correction process.
Please take a good look at the DXY analysis article.
It depends on the action around DXY's daily demand zone.
Note
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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.
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.