At the beginning of this month on 4th July, we shared that AUDUSD (www.tradingview.com/...hat-s-Next-Post-RBA/) could be forming a 5-wave structure, and potentially reach 0.7740 area.
Today, we have seen a potential completion of the 5-wave structure with price meeting the minimum requirement ratio for the 5th wave.
While some traders may be tempted to start buying up AUDUSD right now, we would rather be patient and wait for a decent correction before longing the Aussie. Based on our wave analysis, we are now expecting price to face some selling pressure, potentially pushing price lower towards 0.7600 region. From there depending on how price develops, we will be looking for opportunities to accumulate Aussie for a longer term.
Nothing much from me on this pair now, but a simple wait-and-see approach.
P.S. This is just my 2-cents perspective on AUDUSD, so do trade according to your plan, and manage your risk.
Today, we have seen a potential completion of the 5-wave structure with price meeting the minimum requirement ratio for the 5th wave.
While some traders may be tempted to start buying up AUDUSD right now, we would rather be patient and wait for a decent correction before longing the Aussie. Based on our wave analysis, we are now expecting price to face some selling pressure, potentially pushing price lower towards 0.7600 region. From there depending on how price develops, we will be looking for opportunities to accumulate Aussie for a longer term.
Nothing much from me on this pair now, but a simple wait-and-see approach.
P.S. This is just my 2-cents perspective on AUDUSD, so do trade according to your plan, and manage your risk.
