EverythingForex

AUDUSD: Is it time to buy? Crab says No!

FX:AUDUSD   Australian Dollar/U.S. Dollar
I see a lot of people are starting to anticipate a reversal on this pair. Well, I am also. But, looking at this POTENTIAL bullish crab , maybe just not yet so fast. Yes, it's just a POTENTIAL pattern and just because I drew one there doesn't mean it will complete.

BUT, what's interesting to note is that as can be seen more clearly on the DAILY chart below, there is a very clear AB=CD pattern that would complete EXACTLY TO THE PIP at the same point that the bull crab would also complete.
snapshot

Coincidence? Confluence? Or just bunk? You decide.

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Well, I'm definitely LONG TERM bearish on this pair. Any upside movement is simply retracement and for me is opportunity to look for SHORTS.
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Interesting analysis - I strongly agree with you. It's definitelysomething to keep a close eye on - as any major break below .7343-40 would suggest a further bearish continuation.
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