Australia Markets closed

AUD/USD Aiming for a Correctional Move

Nenad Kerkez

Dear Traders,

Amidst Low volatility, the solution is to drop to lower TFs and trade the trend. On AUD/USD currency pair we can see a potential for a countertrade in 4h timeframe.

0.6760 might form a move which will produce a retracement towards 0.6800 and 0.6832. At this point we can see a super-dot formed (blue circle with a green dot) and retracement is underway. Above 0.6780 we should see a continuation and only a drop below 0.6743 could endanger a potential move up. Have in mind that the pair is extremely slow – 22 pips of ATR, so it could take some time for a move to develop.

The analysis has been done with the CAMMACD.MTF template.

For more daily technical and wave analysis and updates, sign-up up to our ecs.LIVE channel.

Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea

This article was originally posted on FX Empire

More From FXEMPIRE: