The EUR/AUD wave pattern is suggesting that price will most likely make a bearish bounce at the resistance (red) and Fibonacci targets, which would complete a wave C (purple) of wave B (pink). The confirmation of a bearish reversal occurs when price breaks below the support trend line (blue) of the bullish channel.
The EUR/AUD is building impulsive price action on the 4 hour chart where price seems to be completing a 5 wave (green/blue) pattern. Price is completing a potential wave C (purple) once these 5 wave patterns are ready. At the moment price seems to breaking above a smaller resistance trend line (dotted red), which could spark a new 5 wave (green) pattern in the 5th wave (blue).
