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AUD/USD: Trying To Complete A 5th Wave

05/19/2022

Less than a minute

2022.05.19 16:22

Bullish

AUD/USD is trading at 0.7005 in the possible start of a 5th fractal wave in a channel. IF the pair can break resistance, look for a continuation to the ATR target of 0.7066 and the 5th wave target at 0.7139.

Watch for a reversal there, as well as any change in direction of the USDX. The ATR for the pair currently is 112 pips per day and its 180 day average is 91 pips per day.

USDX was moving downward at the time of this post.

AUD/USD: Trying To Complete A 5th Wave AUD/USD Chart