AUDUSD TAKING A NOSEDIVE
Updated
Hi guys its me again, just got an interesting find.
Since March of 2021 AUDUSD has been forming what appears to be a complex correction on the Daily time-frame.
Now to the juicy part, it had a fake out earlier today when it broke out of the upper trend-line of the triangle and seems to have started a decline on the wave Y which is the stronger of the three.
A steep decline should be expected in the coming days, which should not exceed the March 2020 low. The areas marked in blue boxes should be entry areas should price cross and continue on retest. Currently price is expected to retrace upwards to form a wave two before it continues on its decline, gaps should be expected on the next impulse down, caution and responsible position sizing should be applied. Happy trading in the days to come. Thanks and God bless.
Since March of 2021 AUDUSD has been forming what appears to be a complex correction on the Daily time-frame.
Now to the juicy part, it had a fake out earlier today when it broke out of the upper trend-line of the triangle and seems to have started a decline on the wave Y which is the stronger of the three.
A steep decline should be expected in the coming days, which should not exceed the March 2020 low. The areas marked in blue boxes should be entry areas should price cross and continue on retest. Currently price is expected to retrace upwards to form a wave two before it continues on its decline, gaps should be expected on the next impulse down, caution and responsible position sizing should be applied. Happy trading in the days to come. Thanks and God bless.
Note
Apologies, the fake out happened on the daily time frame about two weeks ago, wait for a three wave correction on the 1hour time frame then enter at the lowest low at the time.
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