Forex Trading Library

AUDUSD – Buying dips at bespoke support

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Monthly: We have broken the large Expanding Wedge formation to the downside. The whole move higher from the 2016 low (0.6827) has been and volatile, common in corrective formations. Reverse trend line resistance is located at 0.7246

Weekly: Broke the wedge formation to the downside. The wedge formation has a measured move target of 0.6827.

Intraday (4-hours) – Completed a bullish 5-wave count (Elliott Wave) at 0.7302. This was near the 261.8% extension level of 0.7286 (from 0.7021-0.7122). We are now assessed as being within the corrective formation lower. Bespoke support is located at 0.7198. With the USD Index upside move near exhaustion, we look for mild dip to now find buyers

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