AUDUSD FakeOut From Trend Resistance!!! BEARISH Outlook!!!

What we saw from AUDUSD was a nice fakeout of trend resistance level. If we look at he current price level we can see a possible slightly lower fakeout occurring signalling to us that a BEARISH retracement is to take place. The trend resistance is respected greatly by AUDUSD and as of now I see no reason for a breakout. In fact, if we look at Elliot Wave we can see Wave 5 forming which I believe will its formation will stop lower from the other head. This give us a BEARISH potential to trade retracement wave abc. I will expect price level to fall to 23.6 fib level which is also a support level @0.6700 price level before we see a retest back to the trend resistance level following a continuation fall to 50.0 fib level, with a strong support level at that price level. I will trade the BEARISH movement down to 50.0 fib level for now and will update all of you about further movement when we reached that price level. Stay tune!!!

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