Potential bullish movement on AUDUSD

Price has reversed from weekly resistance with a 5-impulsive-bearish-wave to the historical support. During the last minor and major waves, a strong divergence can be seen as well. The 5th wave seems is not going to be survive a lot and making a double bottom. As explained on the chart, we are expected that the price reverse from the bottom of weekly flat to the top and break out the daily structure. After break out and retesting, we are going to enter the long position.
Will post a new idea and update this analysis accordingly next week.

Kommentera:

Price has been moved as expected and has been broken the structure on Hourly charts. However, we are still waiting to see the breakout on daily chart as well. After that, we will been waiting for hourly corrective structure to find both a appropriate entry point as well as breakout confirmation. It can be a breakout retest, support zone and reversal, sideways or sharp bearish corrective structure, etc.
Will update the idea accordingly.