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Audusdreversal

AUDUSD Is Approaching a Reversal ZoneThe structure of AUDUSD decline from Jan 2020 high has been unfolding as a textbook Elliot Wave five-wave impulse move, labeled (i)-(ii)-(iii)-(iv)-(v). Wave (ii) was a sharp correction and wave (iv) unfolded as a triangle. A triangle always preceded the last move of a sequence. The whole structure perfectly fits into a downtrend channel. According to the theory, a three-wave correction follows every impulse move. If this count is correct, AUDUSD should find bottom within the blue zone that lined up with channel support and price should resume an advance in 3, 7 or 9 swing sequences. Target above wave (iv) in red high is plausible for bulls, and the breach of the blue line will confirm the bullish setup. What's your view on AUDUSD?
Long
by Veejahbee
4
AUDUSD ReversalAs predicted in our previous analysis, AUDUSD has just failed to break the Potential Reversal Zone which we view as bearish. We expect price to continue to fall in the long-term, with minor bounces most likely at the former downtrend (dotted green line) and S1, which may look to retest the Potential Reversal Zone. Look out for an M or Head & Shoulders Pattern as confirmation, or if price breaks S1. Trading Ideas: Trade the range (S1 - R1) Trade a breakout below S1 Trade a breakout above R1 Trade an M or Head & Shoulders Pattern
Short
by Elemont