AUDUSD Kihon Suchi 65
AUDUSD has been in Range mode since the 4th May 2022.
Price appears to be moving in a Descending Triangle in a P Wave structure.
Given Price is below an established Kumo , the sentiment is bearish overall for this pair.
The possible scenario for next week is
1. Price retracing back towards the Kijun Sen , breaking into the Kumo and testing the Intra channel Down Trendline.
2. The movement will be an I wave to complete a small 3 wave N pattern.
3. The fib expansion indicates this I wave could move between .7114 and .7175
3. There should be some Consolidation in the Kumo for a few days.
Into the Following week -
4. Then look for price to turn down on or near the Kihon Suchi 65 day candle and retest the support level at .6850.
Price appears to be moving in a Descending Triangle in a P Wave structure.
Given Price is below an established Kumo , the sentiment is bearish overall for this pair.
The possible scenario for next week is
1. Price retracing back towards the Kijun Sen , breaking into the Kumo and testing the Intra channel Down Trendline.
2. The movement will be an I wave to complete a small 3 wave N pattern.
3. The fib expansion indicates this I wave could move between .7114 and .7175
3. There should be some Consolidation in the Kumo for a few days.
Into the Following week -
4. Then look for price to turn down on or near the Kihon Suchi 65 day candle and retest the support level at .6850.
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