AUDUSD - Looking for a push higher if support holds

We might see price go higher for a wave C from here. Let's see if the support zone will hold.
To avoid an early entry I would like to see an impulsive (5waves) up and buy the pullback
A break outside the upper channel would confirm this anticipated bullish move.

If the support zone does not hold, this idea will have to be revisited.

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Support held and price started to rally nicely as expected

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5 waves are in, now waiting for this correction to end to go long.
This correction might go on until Wednesday where we will have aussi CPI come out.
If the data is better than expected, we should then see price rally higher.

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My pending order was missed by 3 pips sadly, but we can still go long right now.
I opened a long position at market price with stop at 7135 and first target at 7268.

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Start with a small lot size first then scale in when possible !!!

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! IMPORTANT ! - We might have entered this too early and our Stop is at risk. This is a possibility how things could play out, therefore I will move my Stop to break-even as soon as possible. And wait for a new entry at around 7115-7125.

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Watch out for aussie CPI Data coming in 10min.

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Closing position

ElliottWaveBelgium

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ElliottWaveBelgium

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