AUD/USD: Correction Still In Progress
Gregor Horvat | Nov 25, 2015 03:54AM ET
AUD/USD keeps trading higher within wave C that is now looking towards 0.7320 area. Despite very strong recovery, we are still observing idea of a triangle in wave 4). As such, upside can be limited near 61.8% of wave A distance measured from wave B. We, however, are waiting on bearish reversal back to 0.7160 to confirm weakness for wave D.
AUD/USD, 4H
A Triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. Triangles are overlapping five wave affairs that subdivide into 3-3-3-3-3.
Basic Triangle Pattern :
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