AUDUSD, 4hr tf, ABC corrective wave

Australian Dollar/U.S. Dollar FX:AUDUSD

hayatohito

After a 3 month 1500-pips bull run by AUDUSD from 0.5500 area to 0.7070, price start to exhaust and has been moving in a sideways direction for 1 month since 10 June 2020 to 10 July 2020.

In my opinion we could see some correction from AUD now as there is also a fundamental issue regarding COVID-19 second wave.

There is a triangle pattern forming, and price already broken below the support. By assuming this is an ABC correction after the 5th wave movement of Elliott wave , we could see price go down to area around 0.6720-0.6700

I am selling AUDUSD 0.6950
Stop loss 0.7015
Take profit 1 @0.6860
Take profit 2 @0.6800
Take profit 3 @0.6720

Good luck

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