The AUDUSD pair is currently signaling a potential bearish correction as it enters the final wave (c) of its Elliott Wave structure on the 15-minute chart. After completing wave (5), the pair has started to retrace, forming waves (a) and (b). Now, we could see a continuation towards the 1.618 Fibonacci extension of wave (a), marking a possible completion of wave (c).
Key levels to monitor:
Wave (c) Target: 0.66020 (1.618 Fibonacci extension)
This level aligns with the bearish momentum building up, making it a critical area to watch for a possible reversal or continuation of the downtrend. Traders should be cautious and consider this setup while managing their risks effectively. This could be an opportunity for a quick short trade before any potential bounce. Stay sharp and happy trading!
Key levels to monitor:
Wave (c) Target: 0.66020 (1.618 Fibonacci extension)
This level aligns with the bearish momentum building up, making it a critical area to watch for a possible reversal or continuation of the downtrend. Traders should be cautious and consider this setup while managing their risks effectively. This could be an opportunity for a quick short trade before any potential bounce. Stay sharp and happy trading!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.