This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

The current AUDUSD structure hints at a bearish zig-zag consisting of primary sub-waves Ⓐ-Ⓑ-Ⓒ. The longer-term formation looks like a triple combo w,x,y,x,z that could see an end after finalizing bearish primary wave Ⓒ.

Wave Ⓐ  is a fully completed 5-wave impulse and wave Ⓑ points to a flat pattern, and wave Ⓒ just began to form.

audusd

Looking at the lower timeframe we can spot the birth of intermediate bearish impulse wave (3), as intermediate waves (1) and (2) look complete. However, note that bears should be faced with caution as intermediate wave (2) could have another leg up. That would depend on whether wave (1)’s low is fully retraced by the current downside momentum.

Should we receive validation of a successful breakout the 5-wave impulsive pattern could send bulls down near the 0.667 area or lower.

Test your strategy on how the AUD will fare with Orbex - Open Your Account Now. 

The post AUDUSD: 5-Wave Decline Could Complete Triple Zig-Zag appeared first on Orbex Forex Tradin...


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.