Timeframe: 4h
AUDUSD has started an impulsive cycle from the low of 0.65952. price is trading on 20 EMA and above 50/100/200 EMA band. Falling ATR the signal that bears are not interested anymore due to oversold. A dull market short is only useful in an extended bear market.
Price has accomplished impulsive wave 3 of wave (3) at 0.68949 and correcting the move through wave 4 of wave (3). Wave 4 retraced 0.382 Fibonacci retracement of wave (3), but reversal did not happen. To validate this setup, note that 4th wave can never enter the price territory of wave 1. After the reversal, traders can buy for the following targets: 0.68312 – 0.68680 – 0.69113+.
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Nice productions