AUD/USD H4

General overview for 10/09/2014:
Currently market is in a complex WXY corrective cycle that has not been finished yet as there are some downward sub-waves missing. Please notice that the price is below 100 and 200 WMA that confluence with wave 1 top and only a breakout higher is bullish.
H4 chart looks like unfinished double Zig-Zag structure inside of wave Y of more complex and time consuming corrective wave 2
Key short term level for bulls and if broken – first clue of bullishness increasing. The targets for wave 2 bottom are either on 50%Fibo, or, more possibly, on 61%Fibo. From this two levels the failure and rebound should be expected.
ANY BREAKOUT BELOW THE LEVEL OF 0.8547 INVALIDATES BULLISH IMPULSIVE COUNT!!!

Support/Resistance:
0.8981 – 61%Fibo
0.9081 – 50%Fibo
0.9111 – Swing Low
0.9151 – WS3
0.9210 – WS2

Trading recommendations:
Not really a good place to either enter short or long positions as R/R ratio is not attractive at the moment. Refrain from trading until more clear structure will occur.

About the author

Sebastian Seliga

Aktywny trader, analityk, ekspert metod inwestycyjnych bazujących na teorii fal Elliott'a, geometrii Fibonacciego i nie tylko.

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