AUD/USD - 1.0924
Recent wave: wave 4 ends at 0.8066 and wave 5 (a) may be completed at 1.0257
Trend: Down
Original strategy:
Buy 1.0690, target: 1.0840, Stop: 1.0625
New strategy:
Buy 1.0800, target: 1.0980, Stop: 1.0750
Note: No update on 29 April and next update may 2
The Australian dollar climbed again on widespread weakness in the greenback, suggesting recent upmove is ongoing and additional gain would be considered Government 1.0990/00, however, believe 1.1060 (61.8% of 0, 8066-1 projection. 0257, measuring 0.9706) would limit this vague 5 v and attract correction later. We are committed to our account only 5 wave III ends at 1.0257, followed by the wave of ABC that iv to the 0.9706 and the wave c is likely to extend the additional gain but believe 1.1060 would hold.
In view of this, we are always looking to buy aussie on dips as low of yesterday at 1.0777 keep. Below this support would defer and correction risk of 1.0720/25 but 1.0677 (low this week) support should remain intact, bring another rally.
Our account in the classification of 4 hours is that the passage of 0.8066 is the wave 5 with i: 0.8860, ii: 0.8315, vague iii is to move a range with 1: 0.9223, 2: 0.8770, 3: 1.0183, iv: 0.9536 and wave 5 3 is still in progress and may extend up to 1.0825/30.
On the overview, the significant increase of 0.6007 is wave (B) and only vague wave iii c ended in the 0.9407, followed by the 4-0.8066 wave and wave 5 is still in progress and may extend up to 1.0990/00, but believe 1.1060 would hold.