Aussie dollar may potentially be in the A leg up, after the completion of an classic Elliot Wave (EW). A good thing to note was the price action (PA) displayed a bullish divergence across the low of 0.67053 to 0.5993. If we note the candle at the end of EW5, you see the nice rejection candle at 0.55976/0.54725 demand level, which also closed with Bullish Engulfing candle/Two bar reversal.
Place a descending trend line, what you also see is the PA is breaking around 0.69200. A nice target for some lower Timeframe (TF) charts could be to 50MA.
Expecting the unexpected, note that PA may simply reject the trend line and also a potential supply zone at 0.70090. Watch and wait.
Place a descending trend line, what you also see is the PA is breaking around 0.69200. A nice target for some lower Timeframe (TF) charts could be to 50MA.
Expecting the unexpected, note that PA may simply reject the trend line and also a potential supply zone at 0.70090. Watch and wait.