AUDUSD retracement

Hi Traders,

The AUDUSD, now at 0.9210, is taking a pause in its dive and it is heading North. This is likely to occur with a 3 wave retracement (two-step pattern).

TARGETS

likely: 0.9523
possible: area 0.9742-0.9764
maybe: area 0.9959-0.9985

ENTRY POINT

Around the area 0.916-91.8. But wait for the "Wave Oscillator" (in the 1-hour chart) to give you the "go" and for the Awesome oscillator (in the same  1-hour chart) to confirm.

To exit the trade wait for the "Wave Oscillator" (in the 4-hour chart) to take you out.

If you trade for the long run and you keep your trades going for few days, wait for the "Wave Oscillator" (in the 4-hour chart) to give you the "go" and for the Awesome oscillator (in the same  4-hour chart) to confirm.

To exit the trade wait for the "Wave Oscillator" (in the daily chart) to take you out.

ELLIOTT WAVES

As you can see by the weekly chart below, the AUDUSD is shaping an a-b-c-d-e (in magenta). Leg "e" should  unfold by means of a downtrend made of 5 waves. This retracement will be labelled "wave 2" (not labelled at present). 

But don't be fouled: after bouncing back (maybe up to the parity), it should resume the downtrend well below 0.90.


Weekly chart. Click to enlarge

Daily chart. Click to enlarge

4-hour chart. Click to enlarge

 1-hour chart. Click to enlarge