the AUD/USD seems to have completed a bullish ABC (green) pattern at the Fibonacci levels of wave 4 (purple). The current bearish bounce could start a larger bearish reversal.
The AUD/USD could be finished with the WXY (blue) pattern and the larger wave 4 (purple) correction after bouncing at the 38.2% Fibonacci retracement level. A bearish breakout could aim for the support trend line (blue) at first. The bearish reversal is invalidated if price is able to break above the 38.2% Fibonacci level.
The AUD/USD is breaking below the support trend line (dotted blue) which could be part of a bearish wave 5 (green). The bearish breakout is likely to aim for the Fibonacci targets of wave 5 vs 1+3 unless price breaks above (red x) the wave 4 (green) and resistance trend line (red).
The analysis has been generated with the help of ecs.SWAT – my propitiatory method.
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