? AUD/USD Prepares for Uptrend after Wave 4 Bull Flag ?

2 min read

Dear traders,

the AUD/USD is showing strong bullish momentum, which looks like a wave 3 (purple). The current pullback could be a wave 4 (purple). This means that the uptrend could soon continue.


1 hour chart

The AUD/USD is in an uptrend (blue box) when reviewing the alignment of all the Moving Averages. Price is now building a bull flag pattern as a pullback. The uptrend continuation could be part of the wave 5 of wave 5. The main target is at 0.6750.

The AUD/USD needs to break the resistance Fractal (orange line) for a bullish breakout with the trend. Another scenario is that price bounces at support (green box) for a deeper retracement. Both the break and bounce could confirm (green check) the uptrend continuation. A break below the wizz 5 makes this wave outlook less likely.

The analysis has been done with SWAT method (simple wave analysis and trading).

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Good trading,
Chris Svorcik
Elite CurrenSea

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