AUDUSD hit new low few sessions back and reversed quite impulsively from 1.0181 low which suggests that pair has reached a temporary low. In fact, recent price action in 1.0220-1.0370 range could be labeled as a triangle in fourth wave so reversal that we are seeing is actually not a surprise because we know that move after the triangle was a final leg of a larger trend. In our case that was wave 5 that completed a five wave decline in wave 1). With that said, current rally is probably part of incomplete minimum three-wave rally that could reach 1.0360/80 swing zone in the next 2-4 trading days.
On a daily chart we can also see a morning star formation in progress that also supports the idea for near-term bullish waves, but need to see today’s close around current levels or higher.
Morning star in progress?
Stokcs, Metals, Energy, Forex, Crypto
USDCHF Technical Analysis - Sell at 0.9955
USDCHF made a nice bull move from 0.9716 to 0.9990. Then USDCHF drops from over bought zone. USDCHF is trading below its 20 period MA on 4h ...
-
HONG KONG (MarketWatch) — China's consumer inflation accelerated in March to its fastest rate in almost three years, slightly ahead of e...
-
1.1 - Why is Buying Low & Selling High So Elusive? The objective is simple and seems so easy to achieve - - buy low and sell high, or se...
-
HONG KONG (MarketWatch) — Chinese economic data released Wednesday showed consumer inflation moderated slightly in April, though remaining a...