AUDUSD Daily Chart
In its daily chart, AUDUSD pair has created a bullish structure of the lows but not yet to consider a completed intermediate 5-waves up. If we make an extension of waves 1 and 2, we observe the 162% level at the top of wave 3.
The most difficult part is always figuring out the end of wave 4. In the daily chart, wave 4 seems completed at more than 23% retracement of wave 3 and we can easily form the channel to target wave 5.
But in the following 1H chart, we observe that the wave 4 in the daily has 5-micro waves down that classify this structure as only wave a of 4.
Wave b of 4 went near the previous high and it seems that wave 1 of c of 4 is on the way as long as 0.7720 is not breached.
- Short: 0.76.75
- Stop-Loss: 0.7720
- Take-Profit 1: 0.7600
- Take-Profit 2: 0.7585
- Take-Profit 3: 0.7575
*Adjust stops if first target is hit.