I have some bad feelings with the sentiment about the AUDUSD LONG (BUY). First, the price has already "breakout" from the Rising Wedge bottom trend line clearly! Second, it was unable to complete our basic 5 wave impulse where our 5th wave went invalid. Chances of another falling wave could form if the price falls deeper. Talking about the Fibonacci Retracement which shows the price floating around 38.20% and it could be just a beginning where we know if the price continues to fall then there are space deeper 50% - 61.80% - 78.60% etc. Last time I had been trading long on AUDUSD 0.71096 which was like 25pip above from the current 0% (at the bottom) Fibonacci Retracement level 0.70854 trust me:-
and looking the past price action it had already hit 100% for me and there could have less hope for upward momentum which is what I am repeating again "I HAVE SOME BAD FEELING WITH THE SENTIMENT ABOUT THE AUDUSD LONG (BUY). The choice is yours! Happy Trading!
