InvestMate|AUD/USD No time for growth to continue🦘

🦘AUD/USD No time for growth to continue.

🦘 Once again I have to write this. After I predicted rises on AUD/USD with a slight slip the link to the post below, all based on the fundamentals I wrote about in my previous post on the dollar:

🦘This time it was time for a corrective scenario.

🦘I will describe each technical tool I used in turn.

🦘1. I determined an uptrend channel from the bottom
We can see that it was respected with scalpel precision.


🦘2. I then measured the fibo waves from the bottom to the current peak, these were also clearly respected, will they also be so respected on correction?


🦘3. I measured the largest downward correction and determined the 1:1 level of equality of this correction.


🦘4. I determined a support zone based on the cluster of the 0.5 level of the upward wave and the 1:1 correction.


🦘5. I determined a resistance zone at current levels based on previous support and the fact that we have broken out of the upward channel.


🦘The scenario I am playing out is a correction to the area of support after which I expect the upside to continue, I don't think we could continue the current upside with bearish sentiment still prevailing.

🦘*Please do not suggest the path I have drawn with the lines this is only a hypothetical scenario for further increases.

🚀If you appreciate my work and effort put into this post I encourage you to leave a like and give a follow on my profile.🚀