HomeTrade IdeasElliott Wave DailyTrade Idea: AUD/USD - Exit short entered at 0.7620

Trade Idea: AUD/USD – Exit short entered at 0.7620

AUD/USD – 0.7560

Original strategy:

Sold at 0.7620, Target: 0.7470, Stop: 0.7660

Position: – Short at 0.7620
Target:  – 0.7470
Stop:- 0.7660

New strategy :

Exit short entered at 0.7620

Position: – Short at 0.7620
Target:  –

Aussie continued finding support at 0.7501 and has staged a strong rebound today, suggesting a temporary low has possibly been formed there and consolidation with mild upside bias is seen for gain to 0.7600, however, break there is needed to add credence to this view, bring retracement of recent decline to 0.7625-30, then towards resistance at 0.7654 which is likely to hold from here.

In view of this, would be prudent to stand aside for now. Below said support at 0.7501 would revive bearishness and extend recent decline to from 0.8125 top to 0.7470, however, oversold condition would limit downside to 0.7440 and price should stay above 0.7390-00.

On the 4-hour chart, recent upmove from 0.7329 is unfolding as an impulsive rise with wave 3 as well as smaller degree wave (iii) extending, only minor wave v of (iii) has ended at 0.8125, hence bullishness remains for this move to extend headway to 0.8200, then towards 0.8300, however, reckon upside would be limited to 0.8400 and the final wave 5 should falter below 0.8500, bring correction later.

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