Could AUDUSD offer significant downside potential?
Hi Traders,
The AUDUSD seems to be completing a large three-wave ABC zigzag pattern labeled blue.
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This pair reversed from a resistance level and broke out of ascending trendline that lined up with a key support level labeled wave (i).
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Currently, the price has broken out of sub-wave (ii) corrective chart pattern (dotted channel) after retesting the swing level with a big outside candle on the daily chart.
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Considering that the price has confirmed the bearish bias, this pair has the potential to move down towards between FE 1 and 1.618 ratio to completed sub-wave (iii) as planned on the chart.
.
What's your thought about AUDUSD? Let me know in the comment.
The AUDUSD seems to be completing a large three-wave ABC zigzag pattern labeled blue.
.
This pair reversed from a resistance level and broke out of ascending trendline that lined up with a key support level labeled wave (i).
.
Currently, the price has broken out of sub-wave (ii) corrective chart pattern (dotted channel) after retesting the swing level with a big outside candle on the daily chart.
.
Considering that the price has confirmed the bearish bias, this pair has the potential to move down towards between FE 1 and 1.618 ratio to completed sub-wave (iii) as planned on the chart.
.
What's your thought about AUDUSD? Let me know in the comment.