Daily Timeframe Analysis
On the daily timeframe, AUDUSD has been trading in a downtrend. We have a double zig-zag correction pattern. Waves (W) and (Y) are zig-zag correction patterns, wave (X) flat correction wave (Y) is possibly over and we could be turning into a bullish trend. Price has broken through the channel in the bullish trend. Based on technical analysis AUDUSD is bullish.
4Hour Timeframe Analysis
It’s interesting to see the trend ends with an Ending Diagonal pattern, more than likely we won’t break below the old low on the 5th wave. Recently price made a push-up as an impulse move, as we know price moves in impulse-correction-impulse sequence so now we have to expect a sell-off as a wave (2) before the next rally as an impulse move for the wave (3).
1Hour Timeframe Analysis
On the 1hour timeframe, we can see a clear impulse move for a wave (1) on a higher degree. We need to see a pullback/correction. The correction can be any corrective pattern except a Triangle pattern. The Fibonacci retracement is not the focus but on how the correction pattern unfolds the deeper the pullback the higher the R/R and less risk in terms of pips.
On the daily timeframe, AUDUSD has been trading in a downtrend. We have a double zig-zag correction pattern. Waves (W) and (Y) are zig-zag correction patterns, wave (X) flat correction wave (Y) is possibly over and we could be turning into a bullish trend. Price has broken through the channel in the bullish trend. Based on technical analysis AUDUSD is bullish.
4Hour Timeframe Analysis
It’s interesting to see the trend ends with an Ending Diagonal pattern, more than likely we won’t break below the old low on the 5th wave. Recently price made a push-up as an impulse move, as we know price moves in impulse-correction-impulse sequence so now we have to expect a sell-off as a wave (2) before the next rally as an impulse move for the wave (3).
1Hour Timeframe Analysis
On the 1hour timeframe, we can see a clear impulse move for a wave (1) on a higher degree. We need to see a pullback/correction. The correction can be any corrective pattern except a Triangle pattern. The Fibonacci retracement is not the focus but on how the correction pattern unfolds the deeper the pullback the higher the R/R and less risk in terms of pips.
