Most of the AUD pairs are currently in a corrective move. We need to try and catch the end of the current corrective pattern to find the impulsive move up.
The charts are suggesting we are starting the up-move to complete the larger corrective C wave.
We can either be patient and catch this move up on the Daily or for all you day traders, you can drop to the...
Overall we are in a larger correction (Weekly/monthly) However we have seen the larger B wave complete, so we now expect the larger impulsive C wave to start.
Dropping to the lower Daily we have identified the first daily impulse followed by a daily correction we are currently in. We are now hoping to catch the next daily impulse.
Impulse - correction - impulse.
Its been a little tricky trying to find patterns and analyse this pair, however, after spending a bit of time testing a few patterns, I believe we have finished (or nearly finished) the down move.
I will be opening a long trade on this pair once price has raised and triggered my entry.
Still expecting to complete this large WXYXZ Pattern
Once we see a completion of this corrective X wave (around the trendline) we can expect a large Z impulsive wave to complete the pattern.
Keep an eye on the marked box.
Mobile Go is yet to have any noticeable pump. Looking at the MACD and volume profile it looks like we are in a fairly large ABC correction.
Lets wait for the corrective C Wave to finish around the marked box on the chart before jumping in.
After such an explosive impulse, I'm expecting a larger correction before the next large impulse up.
I'll be looking for longs once we break the low or around that level. (in-case we see a contracting flat)
Good luck traders.