AUDUSD, 4hr tf, ABC corrective wave

2020년 7월 11일

After a 3 month 1500-pips bull run by AUDUSD from 0.5500 area to 0.7070, price start to exhaust and has been moving in a sideways direction for 1 month since 10 June 2020 to 10 July 2020.

In my opinion we could see some correction from AUD now as there is also a fundamental issue regarding COVID-19 second wave.

There is a triangle pattern forming, and price already broken below the support. By assuming this is an ABC correction after the 5th wave movement of Elliott wave, we could see price go down to area around 0.6720-0.6700

I am selling AUDUSD 0.6950
Stop loss 0.7015
Take profit 1 @0.6860
Take profit 2 @0.6800
Take profit 3 @0.6720

Good luck