AUDUSD: bearish 5-0 pattern

5 May 2020

In this chart we see a bearish 5-0 pattern. The yellow rectangle highlights the PRZ consisting of 50-61.8% retracements.

RSI is showing bearish divergence at a 127.2% extension of the previous swing, confluence by 50% retracement from the 5-0 pattern PRZ.

Good luck to all trading AUD/USD !!

6 May 2020

Not

Now the chart does not look good for the bearish bias. We have the 1 hour and 4 hour timeframes showing hidden bullish divergences:

6 May 2020

Not

Interesting chart, highlighting the market movements will reveal that the 3 rallies are 13% 8% and 5% advances, all numbers from the Fibonacci sequence: