My thoughts, a weekly range (0.95 to 1.0225) about 29 weeks ago created the rally thus a completed break below a weekly range is required to change the market direction (which is still long).
The current week range is being created (which ties up with the 41 cycle wave) which would probably be from 1.015 to 1.1085(just guessing as I need the week to be over to tell). If AUD/USD breaks above 1.11 (which is possible since I see 1.13 as a possible target), then the weekly range will not be created and we can see much higher on this breakout.
My thoughts are to remain long until a clear break below the weekly range which is either a break below 1.0225 or if AUD/USD stays below 1.1085, we will have a break below 1.1050 to signal weakness.
The 4 hr range starts at 1.0785 so if it breaks below this level, you can go short until 1.0550.
Happy trading all!
AUD
unknown
turn-around likely soon ?, page-18
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