Advertisement
Australia markets closed

  • ALL ORDS

    7,937.50
    -0.40 (-0.01%)
     

  • ASX 200

    7,683.00
    -0.50 (-0.01%)
     

  • AUD/USD

    0.6505
    +0.0005 (+0.08%)
     

  • OIL

    82.87
    +0.06 (+0.07%)
     

  • GOLD

    2,325.60
    -12.80 (-0.55%)
     

  • Bitcoin AUD

    98,584.86
    -4,026.05 (-3.92%)
     

  • CMC Crypto 200

    1,387.15
    -36.95 (-2.59%)
     

  • AUD/EUR

    0.6073
    +0.0003 (+0.05%)
     

  • AUD/NZD

    1.0948
    +0.0006 (+0.05%)
     

  • NZX 50

    11,946.43
    +143.15 (+1.21%)
     

  • NASDAQ

    17,526.80
    +55.33 (+0.32%)
     

  • FTSE

    8,040.38
    -4.43 (-0.06%)
     

  • Dow Jones

    38,460.92
    -42.77 (-0.11%)
     

  • DAX

    18,088.70
    -48.95 (-0.27%)
     

  • Hang Seng

    17,295.93
    +94.66 (+0.55%)
     

  • NIKKEI 225

    37,708.57
    -751.51 (-1.95%)
     

AUD/USD Long-term Downtrend Continues After Completing WXY Correction

Chris Svorcik

AUD/USD

Daily

The AUD/USD daily chart is in a long-term downtrend. Price has recently made a strong bearish bounce at the resistance trend line (red) after completing a complex WXY (blue) correction. The current bearish breakout (green check) is likely to test the previous bottom (blue) unless price breaks above the resistance (red) as this invalidates (red x) the current wave outlook.

4 hour

The AUD/USD is bearish breakout looks like a wave 3 (blue) pattern as price is breaking below the 161.8% Fibonacci target. A bullish pullback (green arrow) could indicate the end of the wave 3 and the start of a wave 4 but a downtrend is expected to bounce at the previous resistance. A bearish continuation would confirm a wave 3 (blue) extension towards the Fib targets of wave 3 vs 1.

ADVERTISEMENT

For more daily wave analysis and updates, sign-up up to our ecs.LIVE channel.

Good trading,
Chris Svorcik
Elite CurrenSea

This article was originally posted on FX Empire

More From FXEMPIRE: