AUDUSD Sell Limit at 0.7050 Quarter Level
Looking on the daily chart, AUDUSD is close to approaching the 0.7050 quarter level. In late April and mid May we saw resistance taps at that half level, so I am looking for price action to be bearish on lower time frames near 0.7050 and take a sell from there.
Could it go bullish from here? I do not believe so. Looking at the Elliot 5-wave (0-1 leg: 0.6849-0.7033) price is currently in the 2-3 leg. In classical Elliot Wave Theory, the 2-3 leg is the biggest move, which means price would need to move greater than 200 pips without much retracement, this is unlikely.
Sell Limit very low risk right at the half level 0.7050. Sell at market with medium light risk once bearish price action is seen in lower timeframes.
I will have a 20 pip SL and a 50 pip TP
Could it go bullish from here? I do not believe so. Looking at the Elliot 5-wave (0-1 leg: 0.6849-0.7033) price is currently in the 2-3 leg. In classical Elliot Wave Theory, the 2-3 leg is the biggest move, which means price would need to move greater than 200 pips without much retracement, this is unlikely.
Sell Limit very low risk right at the half level 0.7050. Sell at market with medium light risk once bearish price action is seen in lower timeframes.
I will have a 20 pip SL and a 50 pip TP