? AUD/USD Breaks Bear Flag with Strong Monthly Candle ?

2 min read

Hi traders,

The AUD/USD monthly chart showed a strong bearish candle during last month of June, which fully closed below the support trend line and confirmed the breakout of the bear flag pattern.

AUD/USD

Monthly


The AUD/USD was building a long-term bear flag corrective pattern, which was most likely a wave 4 (dark red) pattern. The current breakout could indicate a bearish continuation within wave 5.

Weekly


The weekly chart is building a neat downtrend channel. Price is now approaching a support trend line (green) and a bearish breakout is needed before price can confirm a continuation. The main target is the wizz level 5, which could cause a retracement.

Good trading,
Chris Svorcik
Elite CurrenSea

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Pasindu Rashmika
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Pasindu Rashmika

Nice analysis Chris.. Thank you very much.. :))