Daily Chart
On a larger timeframe, prices are going up nicely as forecasted late last month. I think it may have a ways up to go before coming back down. We can draw nice channel lines which bounds the price movement. Let’s take a look at the smaller time frame.
4H Chart
Please ignore the lines. They are the same lines from the daily chart, just that they look more confusing when we zoom in. I’m counting the middle segment of overlapping waves as a running triangle. That’s the best count I can come up with the wave structure I’m seeing. Can look to trade the AUDUSD Long for the wave 5 if it retraces back.
I am finding the wave structure difficult to count this period, so I’m keeping my losses tight and my trading conservative by taking profits along the way.
