Reversal on AUDUSD Eyeing 0.706

11 Eyl 2020

Hello traders,

on aussie we are tracking a bigger, A-B-C reversal down from 0.741 high, which can belong to a bigger correction. On the intra-day chart we see a five-wave completed move in A, followed by a sideways price activity which resembles a completed expanding flat in B at the 0.732 level, where also Fib. ratio of 0.618 sits.

If wave B is completed, then latest decline can be part of a five-wave move into a wave C, which can target 0.706 support level. That said, if wave B is still unfolding, then we can see higher prices.