AUDUSD: Watch For A Buy Setup At Lower Parallel

Price has reached the lower parallel of an upsloping median line set and it has already bounced from it. We may see that it has reached the parallel retracing into a corrective structure after an impulse and most likely we will soon have the next impulsive wave. I will personally wait for price to break above the corrective structure, wait for a consolidation and go long aiming the lower quartile of the set.

Commentaire:

Buy setup about to complete. Price is consolidating after an impulsive up move. A breakout above the correction would be our entry with sl below previous swing