HomeContributorsTechnical AnalysisAUD/USD Prepares For Downtrend Once Wave-4 Breaks

AUD/USD Prepares For Downtrend Once Wave-4 Breaks

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).

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).

Elite CurrenSea
Elite CurrenSeahttps://www.elitecurrensea.com/
Elite CurrenSea Accessible Forex Trading Systems & Education With over 30 years of combined trading experience, we design, test, and provide successful Forex, CFDs & Crypto trading systems and solutions for retail and institutional traders alike.

Featured Analysis

Learn Forex Trading