AUDUSD Short to 0.79500 AB=CD Pattern

FX:AUDUSD   Australian Dollar / U.S. Dollar
Recent pullback into the 38-50% Fib level recently off the last swing high at A gives a potential AB=CD pattern forming. Bearish momentum is intact as shown by the hanging man candle on the daily chart . AB leg projected down ends almost exactly at 1.618 extension of AB and also very near the 61.8 retracement of the entire down move on the monthly chart. Strong S/R level at/near the 61.8 Monthly retracement lends support to price reaching that level before reversing.

Longer term AB=CD pattern which started with the AB impulse leg down from the Sep. 5th high (0.94016) down to Nov. 7th low (0.85405) with the C point at the Nov 17th high (0.87957) also projects to end very near to the 61.8 Monthly retracement and the major S/R level near 0.79500.