Here is a quick video update on XAUAUD (Gold-Australian dollar) structure to see what progress we have made since the last video update. Instrument made a new high above 1759.73 as expected and now has minimum number of swings in place to call the cycle from 4/19 and hence 4/1 lows completed. However, while above 1707.16 low, instrument still has scope to make another high within the current cycle. If 1707.16 low breaks, then we think it’s already correcting the cycle from 4/1 low and could penetrate into 1672 – 1623 area before starting the next leg higher. Break above 2/11 (1781) will make it 5 swings from 12/3 (1431) low which would mean an incomplete sequence and then proposed X wave pull back should ideally find buyers as far as pivot at 4/1 low remains intact.
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