Big Picture View on AUDUSD

We can see the impulse move to the downside on the left of the chart, indicated by the first pink arrow. Then there was a consolidation structure formation which completed 5 waves and broke to the downside. This indicates that we are in the second impulse move, indicated by the second pink arrow on the right. Based on the initial impulse length, we can expect a fall to around the 0.5600 mark which is still a long way down!

Obviously this will not go in a straight line and there will be many trade opportunities on the way down on smaller time frames. Check out our trading signal service to get the exact entry, SL and TP levels for our trades.

Happy Trading!
Linton