EURUSD at 1.618 extension 4 hour chart. Long back to 1.236
Looks like another flat correction for another swing down. Might expand - I`m waiting for more confirmation
Idea for a long to 38.2% retracement. I suggest waiting for a move up on 4 hour then look for a small retracement on lower time frame as indicated by the arrows pointing to previous 4 hour corrections.
a couple of bullish bias scenarios on AudUsd if you are looking to buy and are not it look for a good correction as shown this could happen at 71ish
A bearish and bullish view I think either is possible from the level we are at. Short term I would air on the side of long until a more substantial daily pattern emerges.
While below 96.3 I think the probability is short to around 95.3 to 95.1 short term.
About the same as EURUSD if you believe it is going long. chart shows my thoughts.
Next target for audusd looks to be 38.2% fib don`t see it stopping before then.
My position - still happy to hold long would like to see it sit on top of .618 for continuation of move from here. but might not just something for long to look out for unless you are happy sitting through any correction from where you are. you can see otherwise particularly on 15 mins how it got above each fib and then continued move.
3 wave down to 38.2 % (1-1 fib extension) reacted now bullish with abc on 15 min chart.
3 wave move to 1.618. target first fib of whole move back 0.236 (which break top of smaller move)
small 15 minute running flat looks to be heading to 0.236 of a new fib from last down move. see my previous idea for what i`m looking for.
Bearish outlook purple is extension of last move black is retracement of move from March 20 (looking for 50%)
at 38.2% of move from march 20 to Feb 21 Previous sell from 7340 would like to see a daily set up here for a move in either direction
wave 4 38.2% retracement of wave 3 expecting wave 5 down to equal leg of wave 1
explanation on the chart - if you are looking for a long in my opinion i`d wait for divergence on the one hour and to at least see another small wave down (which will give you the divergence of wave 5)