AUDUSD WAVE ANALYSIS + TRIPLE TOP + DEATH CROSS
This symbol has been trending down since it made the high of 0.7155. The price has recently completed a 1-2-3-4-5 wave down and made an A-B-C-D-E correction.
After the correction, a new minor 1-2-3-4-5 minor wave has began to the downside. The minor wave has currently completed waves 1-2-3-4 and found resistance at the 50 daily SMA. Further, the minor wave in conjunction with the A-B-C-D-E correction has formed a triple top pattern which is a bearish structure and further adds to our bearish bias.
Also, the 50 daily SMA has crossed the 200 daily SMA to the downside (death cross). Death cross is also more often than not a potent bearish formation. And the current price action is also showing that price needs to complete wave 5 of the already started minor wave. If all the above assumptions are correct, I expect price to continue to fall to about 0.6515.
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After the correction, a new minor 1-2-3-4-5 minor wave has began to the downside. The minor wave has currently completed waves 1-2-3-4 and found resistance at the 50 daily SMA. Further, the minor wave in conjunction with the A-B-C-D-E correction has formed a triple top pattern which is a bearish structure and further adds to our bearish bias.
Also, the 50 daily SMA has crossed the 200 daily SMA to the downside (death cross). Death cross is also more often than not a potent bearish formation. And the current price action is also showing that price needs to complete wave 5 of the already started minor wave. If all the above assumptions are correct, I expect price to continue to fall to about 0.6515.
If you like these analysis or they are helpful to you in anyway, please like and follow me. I will start making videos of wave analysis soon.