AUDUSD Technical Analysis November 21/2018
AUDUSD BUY/LONG Trade Setup: October 26/2018 AUDUSD found a bottom and bounced higher. The bounce higher is possibly forming a bullish Elliott Wave Impulse Pattern. The current possible wave count higher can now be seen as a five wave move with red wave A or possible red wave 1 terminating on the high of November 16/2018. The pair is now correcting lower looking to find a termination of wave red wave B or possible red wave 2. If indeed this is a possible Elliott Wave Impulse Wave higher expect red wave B/2 to terminate then followed by another rally higher to extend for the red wave C/3. There is also another bullish pattern (blue) that still needs to form and terminates at the point D of the XA 1.27% Fib.retracement level. If looking to trade AUDUSD, conservative traders will need to watch and wait for the termination of the blue bullish pattern before entering BUYS. Near the 0.71 handle watch for any possible reversal BUY signals. Another possibility is that AUDUSD has already found the termination of red wave B/2 at the XA 0.786% of the blue bullish pattern and the pair will not extend lower to terminate the XA 1.27% point D and instead will push higher from this level. Aggressive traders can enter the market now with stop loss at the October 26/2018 low. For now we remain bullish AUDUSD as long as October 26/2018 lows hold. We expect the pair to extend higher so traders should look for any buying opportunities. Trade safe and always use proper money/risk management on every trade.
AUDUSD 4 Hour Chart 11.21.2018
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX or chat me on Skype > EWF Aidan Chan
*** Always use proper risk/money management according to your account size ***
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