Nov. 11th – AUDUSD

The pair is following our expectations so far, and the correction has almost reached the 62% level so (C) might already be in place. Stochastic is already moving into oversold area on the daily. We might be able to turn bullish on this pair soon and look for options to enter this pair long. The pair is currently trading between the 200 SMA Daily and Weekly levels. Looking at the intraday 4H chart, we can see that the pair has found resistance at the bottom of the corrective channel as drawn, slightly below the 62% level of (A) projected from (B). Both Stochastic and RSI have entered the oversold area already and might be signaling a reversal soon. This might give us the opportunity to turn long on this pair. Target for our expected move up is indicated on the chart.
A 8 wave structure up in a smaller time frame would give us the perfect setup to enter this trade, as long as momentum is with us.