The AUD/USD has rallied sharply over the last fortnight in what looks to be an impulse wave. 5 waves up looks almost complete and coincides with the pair moving into an area or previous resistance. 0.9320 should not break too easily but if it does fold, 0.94 will be the next hurdle. I don't think it is very likely that this impulse wave will extend even though wave 3 < 1.618 x wave 1. Wave 5 = wave 3 at 0.9380. Look for a turn around there if 0.9320 gives way. I am not trading this pair at the moment but may consider getting long after a wave 2 pullback.
No comments:
Post a Comment