On the AUDUSD 2-hour chart, we're looking at a classic Elliott Wave setup. After completing an initial five-wave impulse sequence, it looks like we've moved into the corrective phase of the market cycle.
The chart shows us ending wave (b), and we seem poised to begin wave (c), which could potentially push the price down to Fibonacci retracement levels such as 0.424 at 0.65542, 0.618 at 0.65866, or even the full 1 extension at 0.66505.
As the Australian Dollar often reacts to commodity prices, trade relations, and policy decisions by the Reserve Bank of Australia and the Federal Reserve, these factors should be taken into account when trading based on this Elliott Wave analysis.
I'm preparing for the possibility of a downward move in wave (c), watching closely for confirmation signals like price action and volume. Risk management and a clear strategy are key, particularly in the often unpredictable Forex market. Let's keep a close eye on the development of this potential wave (c)
The chart shows us ending wave (b), and we seem poised to begin wave (c), which could potentially push the price down to Fibonacci retracement levels such as 0.424 at 0.65542, 0.618 at 0.65866, or even the full 1 extension at 0.66505.
As the Australian Dollar often reacts to commodity prices, trade relations, and policy decisions by the Reserve Bank of Australia and the Federal Reserve, these factors should be taken into account when trading based on this Elliott Wave analysis.
I'm preparing for the possibility of a downward move in wave (c), watching closely for confirmation signals like price action and volume. Risk management and a clear strategy are key, particularly in the often unpredictable Forex market. Let's keep a close eye on the development of this potential wave (c)
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