Elliottwave Analysis: AUDUSD, one touch 0.7537 is likely

Yue Wang LinoCapital

AUDUSD formed a classic 5 wave decline from January high.

Near term a small base is formed around 0.7388/30.

According to Algo Trader system, medium term trend already point up.

We'll look to buy dips against lower bands on H4 timeframe, also will try to find some low risk entries on H1 timeframe.

From a long term view, only close above 0.7685 will indicate the boarder downtrend is over.

Daily support levels: 0.7431 0.7407 0.7393

Daily resistance levels: 0.7460 0.7491 0.7504

AUDUSD Trade Idea: (Spot 0.7460)

Buy Limit @ 0.7388 SL 0.7300 for 0.7537

Intraday Trade Idea:

Sell Latentinterest Order: 0.7491

Buy Latentinterest Order: 0.7393

Click on the image to enlarge

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Author

Yue Wang

LinoCapital

Master's Degree in Hepatobiliary Surgery. 

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