? AUD/USD Prepares for Downtrend Once Wave-4 Breaks ?

3 min read

Hi traders,

the AUD/USD bearish price action is now challenging a critical support trend line (blue), which is a key decision zone for a potential bearish breakout with the downtrend.

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AUD/USD

Daily

The AUD/USD bearish breakout below the support trend line (blue) could confirm the wave 5 (pink) continuation. For the moment it seems likely that price is back in a downtrend when considering the choppy and corrective wave C (blue) and wave 4 (pink), plus the break below the previous support lines (dotted green).

4 hour

The AUD/USD made a bullish pullback which seems to be a choppy and corrective wave 4 (green). Price is now probably in a wave 5 (green) but the breakout below the support trend line (blue) would confirm this downtrend continuation within the wave 3 (blue). Price could aim for the Fibonacci targets of wave 5 vs 1+3. A bullish bounce, however, at the support trend line could indicate the start of a larger triangle pattern within the wave 4 (green).

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Good trading,
Chris Svorcik
Elite CurrenSea

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