Short term buy opportunity, but don't catch the falling knife

AUDUSD is falling and just touched 100% AB=CD target level which is in confluence with previous strong support level from November 2016 from which AUD bounced after selloff caused by Trump election. After a solid 200 pip drop I expect a short term correction of size equal to previous ones (see chart). But there could be also just a small bounce then further drop to the next BIG target: 168% ABCD extension in confluence with very strong support 0.7170. At this level trend reversed twice in May and December 2016. This is possible next month after FED decision. Use 4H or 1H charts and wait for reversal pattern. I'll update this idea as well, but I trade mostly daily patterns due to lack of time.

Kommentera:

Bullish pinbar on 1H chart, bullish divergence on standard MACD on 4H chart. Check this.

Kommentera:

AUD goes up, but this is high-risk trade. Put SL or trailing SL at your entry level.

Trade stängt: målet nått:

I thank myself for the cooperation ;)