? AUD/USD Bearish Breakout in Massive Downtrend Channel ?

2 min read

Hi traders,

The AUD/USD downtrend is breaking below the previous bottom (dotted blue) for a bearish continuation. The long-term downtrend channel is showing that the current bearishness is probably part of a wave 3 (purple).

AUD/USD

Daily


The bearish breakout is probably aiming for the bottom of the downtrend channel and 61.8% Fibonacci level around 0.69.

4 hour


The GBP/AUD bounced at a deep Fibonacci retracement level of wave 4 (green) before breaking below the support trend lines (dotted blue). It looks like price could complete a wave 5 (green) of a wave 5 (blue) of a wave 3 (purple).

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Good trading,
Chris Svorcik
Elite CurrenSea

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