There were two pieces of news reporting that top US and Chinese officials will meet this week to negotiate.
The initial news release caused a spike in AU and a rise in stocks. I expect this to continue for rest of week, unless the news is debunked. As well, AU has made pretty good retrace so it might time for a bounce.
So I have plotted two possible pathways up for the 5 wave impulse. The key will be to gauge the w2 retrace, and then the ferocity of the wave 3. Wave 3 of any impulse should be the most vertical, and longest wave for an idea bull sign.
I will update as price action dictates, and may post a new Idea once a specific path becomes more likely.
Background: I am a longer term AUD bear, anticipating a serious drop yet to come
Since then I have been looking for shorting opportunities such as this recent plan
After a nice ride down, I went long which worked out very well
And then I caught the recent stair step down quite nicely:
Now, there is some good news about the US-China Trade War, so am expecting a move up and thus current plan
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aargh! dont know how I missed this fib on AU until now, kicking self in behind... :(
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AU hit intermediary target. Probably due for a little pullback now, but should continue higher after dip. Will post new Idea once I have the retrace possibilities plotted
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I have posted a new Idea with possible next moves for AU, at this link