? AUD/USD Completes Bearish Correction at 61.8% Fib Level ?

2 min read

Hi traders,

the AUD/USD daily chart is in a downtrend but the current wave outlook suggest a larger bullish correction within wave 4 (pink). The retracement could aim for the 50% Fibonacci level of wave 4 vs 3.

AUD/USD

Daily

The AUD/USD seems to have completed a bearish ABC (blue) correction within wave B (purple) and price is now in a potential wave C (purple). The start of the swing however has been quite choppy and corrective so far and thus the breakout direction will be a key factor in this chart.

4 hour

The AUD/USD seens to have completed a bearish ABC pattern in wave 2 (blue) and price is now retesting the support trend line (blue) and Fibonacci levels of wave 2 vs 1. A bullish breakout is needed before price is likely to be in a wave 3 (blue).

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Good trading,
Chris Svorcik
Elite CurrenSea

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