AUDUSD, rebound

Hi Traders,

The AUDUSD, now on the resistance at 0.9120, closed last week with a double bottom (1-hour chart) and started this week with a rally and a gap upwards.

If it breaks the upper line of the channel (daily chart) it should take the AUDUSD to the area 0.9511-0.9529 and possibly 0.9691-0.9716.

TARGETS

likely:0.9317-0.9326
possibly: area 0.9511-0.9529
maybe: area 0.9691-0.9716

ELLIOTT WAVES

The monthly & weekly chart display an a-b-c-d-e which should be followed by a new rally in 3 waves (two-step pattern).

ENTRY POINT

Wait for the imminent pullback and check the wave oscillator in the 1-hour chart before taking your position.



monthly chart - click to enlarge

weekly chart - click to enlarge

daily chart - click to enlarge

wave oscillator over daily chart - click to enlarge

4-hour chart - click to enlarge

wave oscillator over 4-hour chart - click to enlarge

1-hour chart - click to enlarge

wave oscillator over 1-hour chart - click to enlarge