The sideways action from the July low is following the script of a bear pennant with lower highs/higher lows. In order to keep this pattern intact prices need hold above the wave-b low at .8848. Wave-d of the triangle is coming to a close which suggests a multi-day rally towards trendline resistance to complete this wave-(4) correction. S/t, the next 2 upside pivot resistance levels are .8932/.9070. The major target zone to watch is .9110 to .9170; this is where the triangle target, April downtrend & triangle downtrend all converge. To be clear a break of .8848 suggests that this correction was done earlier this month and we are already in the middle of a new decline.
Read the full report: AUDUSD
Powered by WPeMatico