AUDUSD: Temporary Bullish Reversal Can Be Coming To An End; 0.7500 Could Offer More Weakness
AUDUSD made five waves down from 0.7836 which is the most important
and strong evidence of a bearish trend. However, we always need to be
aware of corrective reversals, which are short-lived patterns against
that five wave structure.
That said, recent upward reversal is probably a new contra-trend pattern that will ideally look for a top at 0.7450-0.7500 resistance area from where new sell-of will be expected in days ahead. So far we have seen a nice turn down in the last 24 hours from 0.7500 which suggests that more weakness can be in play, but we still want to see 0.7310 broken for the final bearish confirmation.AUDUSD, 4H