Hello, after heavy fundamental news this week for the AUD it seems the dust already settled.
Im expecting more correction for this pair, according to EW guidelines we should expect a complex correction after a series of simple zigzags corrections (like the EURUSD on D1 chart for example).
Looking at D1 chart we see theh price bouncing from a strong level of S/R and the channel:
Here on H4 chart we see a bearish bat pattern already triggered. A series of LL and LH suggest that we are still on downtrend.
Managing the trade will be tricky , so i will closely follow the price action for more clues.
Best regards.
Im expecting more correction for this pair, according to EW guidelines we should expect a complex correction after a series of simple zigzags corrections (like the EURUSD on D1 chart for example).
Looking at D1 chart we see theh price bouncing from a strong level of S/R and the channel:
Here on H4 chart we see a bearish bat pattern already triggered. A series of LL and LH suggest that we are still on downtrend.
Managing the trade will be tricky , so i will closely follow the price action for more clues.
Best regards.