AUD/USD has started it’s Retracement Cycle for Minor Wave B (black), as per our previously posted analysis.
Within this Structure, Minute A (red) hit the 38.2 Fibonacci Retracement of Minor A (black) and bounced off it, with an Inverted Head & Shoulders Formation towards Minute B(red). Minute B (red) surged, created a new high, above the start Minute A (red), leaving us to think and consider that we are facing either a Running Flat or an Expanded Flat Structure.
AUD/USD has started developing Minute C (red), with Minuette ABC (blue) coming into play.
Minuette B (blue) is expected to drop from the 50-61.8% Fibs of Minuette A (blue), thus leaving room for Minuette C (blue) to commence and finalize Minute C (red).
AUD/USD – SELL Positions:
Aggressive Entry – 0.76600
SL – 0.77200
Conservative Entry – 0.76800
SL – 0.77500
TP 1 – 0.75000
TP 2 – 0.74000
*Safety measure – when in the green, move SL into profit or at break-even levels