The AUDUSD has been within a downtrending channel since start of 2019 , and all likelihood to continue to do so for the rest of the year.
Presently price has moved away from channel support , and considering a 3 wave corrective cycle to the upper trendline , and long into the third wave (c) .
Consider long
1. .618 -786 fib retracement of wave a = .6750
2. stop below origin of a .= .6690 (60 pips)
3. Target upper trendline resistance of channel = .6950 (200 pips)
Risk Reward 3 +
Presently price has moved away from channel support , and considering a 3 wave corrective cycle to the upper trendline , and long into the third wave (c) .
Consider long
1. .618 -786 fib retracement of wave a = .6750
2. stop below origin of a .= .6690 (60 pips)
3. Target upper trendline resistance of channel = .6950 (200 pips)
Risk Reward 3 +