We have been watching closely the AUD, which is respecting a bearish XABCD pattern. A bearish position was entered at 0.653 on the 29th at the rejection of the D point.
Following price action we see the possibility for a wave formation at the 0.382 or 0.618 levels giving a good R/R scaling in opportunity. Targets are respectively the end of the short term wave around 0.63 and the neckline of the major pattern at 0.617.
Following price action we see the possibility for a wave formation at the 0.382 or 0.618 levels giving a good R/R scaling in opportunity. Targets are respectively the end of the short term wave around 0.63 and the neckline of the major pattern at 0.617.