AUD/USD Daily And 4h Look
AUDUSD is trading bullish since the start of May when price completed a bigger correction. We saw it as a triangle correction (visible on the daily chart).
That being said, we are now observing a higher degree five-wave movement to the upside, with price specifically trading at the end of wave 4).
We know that wave 4) is a correction, which means it is only temporary and may in our case search for support near the Fibonacci ratio of 38.2.
That said, at the same region, we also see previous swing low of wave 4 at 0.7879 level which can also react as a support and push prices higher. Ideally, we will see a nice breach higher from the mentioned region and a five-wave development to take place within the final wave 5).
AUDUSD, 4H
AUDUSD, Daily
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