The longer view of the EUR/AUD suggests EUR out performance and/or AUD under performance for the next several months. It appears red wave [C] was an ending diagonal. Therefore, the 1.36 low should be solid.
Since the circle 5 low did not reach the lower trend line, this expresses some pent up energy available. Breakout trades to the long side are preferred. I placed a stop loss near 1.4125 which is the top of a small wave 1.
If 1.4125 fails to hold, it will allow the opportunity to position to the long side from lower levels near 1.39.
1.53 is a minimum target for this long trade with a tight risk to reward ratio. Next levels to target suggest 1.58, 1.63, and 1.79.
Since the circle 5 low did not reach the lower trend line, this expresses some pent up energy available. Breakout trades to the long side are preferred. I placed a stop loss near 1.4125 which is the top of a small wave 1.
If 1.4125 fails to hold, it will allow the opportunity to position to the long side from lower levels near 1.39.
1.53 is a minimum target for this long trade with a tight risk to reward ratio. Next levels to target suggest 1.58, 1.63, and 1.79.
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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.
Test your Elliott Wave readiness.
Free assessment + bonus training videos customized to your score:
qwiz.seethewaves.com/ewreadiness/p/tv1
Free assessment + bonus training videos customized to your score:
qwiz.seethewaves.com/ewreadiness/p/tv1
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.