AUDUSD is looking to complete an M formation currently on it's final leg.
If we M formation plays out, we expect a drop towards the orange line.
A break of the yellow trendline would act as confirmation for a continuation lower, however now is a nice entry with SL just above the high that was formed.
This may also be a 3-wave structure forming.
If we M formation plays out, we expect a drop towards the orange line.
A break of the yellow trendline would act as confirmation for a continuation lower, however now is a nice entry with SL just above the high that was formed.
This may also be a 3-wave structure forming.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.