The 30-minute chart for AUD/USD signals a potential shorting opportunity as the pair appears to have completed its fifth wave (5) of the current bullish cycle. According to the Elliott Wave theory, a corrective phase may follow this impulsive move.
Key Fibonacci Retracement Levels:
0.382 Retracement: 0.66435
0.5 Retracement: 0.66276
0.618 Retracement: 0.66117
These levels provide potential support areas where the price might pause or reverse during the expected correction. The 0.618 retracement, in particular, is often a key level to watch for a possible bounce or consolidation.
Traders looking to capitalize on this setup should consider entering short positions as the correction unfolds, with a focus on these Fibonacci levels as potential targets for profit-taking.
Key Fibonacci Retracement Levels:
0.382 Retracement: 0.66435
0.5 Retracement: 0.66276
0.618 Retracement: 0.66117
These levels provide potential support areas where the price might pause or reverse during the expected correction. The 0.618 retracement, in particular, is often a key level to watch for a possible bounce or consolidation.
Traders looking to capitalize on this setup should consider entering short positions as the correction unfolds, with a focus on these Fibonacci levels as potential targets for profit-taking.
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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.