Elliot Correction Wave - AU
Here I have AUD/USD on the 1Hr Chart!
The current Low @ .64686 I believe is the start of a Elliot Correction Wave after seeing the 5th Wave of the Impulse wave previously!
Price finally gave us a Break of the Falling Trendline and has worked its way up to our CONFIRMATION @ .65402!
If price decides to take a trip down to our INVALIDATION @ .64803, this will diminish my Bullish bias on this move!
I am Bullish on this pair where I believe price will break our Confirmation to possibly find a Target Range between .65961 - .66235 which brings price back up to the Resistance level at Wave 4 from before!
Fundamentally this week:
AUD - Employment Change/Unemployment Rate (Wed)
USD - CPI (Tue), Retail Sales/Unemployment Claims/Empire State & Philly Manu. Index (Thu), PPI (Fri)
The current Low @ .64686 I believe is the start of a Elliot Correction Wave after seeing the 5th Wave of the Impulse wave previously!
Price finally gave us a Break of the Falling Trendline and has worked its way up to our CONFIRMATION @ .65402!
If price decides to take a trip down to our INVALIDATION @ .64803, this will diminish my Bullish bias on this move!
I am Bullish on this pair where I believe price will break our Confirmation to possibly find a Target Range between .65961 - .66235 which brings price back up to the Resistance level at Wave 4 from before!
Fundamentally this week:
AUD - Employment Change/Unemployment Rate (Wed)
USD - CPI (Tue), Retail Sales/Unemployment Claims/Empire State & Philly Manu. Index (Thu), PPI (Fri)
Trade active:
At the turn of the hour, price gave us a close ABOVE the local resistance and our CONFIRMATION level!!
Buy Entry @ .6540
SL @ .6519
Buy Entry @ .6540
SL @ .6519
Trade closed: stop reached
