Our traders know how we leverage on the risk events and trade the fundamental catalyst in the financial market. Understanding the concept of waves movement in the market - impulse or corrective - is crucial in knowing with high probability where price is likely to go.
As shared with our traders over and over again, DO NOT jump into a trade after an impulse move.
So what's next for AUDUSD post RBA?
Here're some current views and analysis -
1) Previous price move hit the 161.8% fibonacci level, giving us an expectation of a 5-wave structure developing. 2) Price came into the 23.6 - 38.2% fibonacci level potentially completing the minimum expectation for a wave 4 correction.
Depending on how price react from here -
1) If price develop as a correction, we are likely to see another push lower; 2) If price bounce off from this level, we are likely to see price reaching for 0.7740 area.
**This Friday NFP might be the key in providing us more information.