Hello.
This is the progress of AUDUSD on February 7th.
AUDUSD did not find support near the yellow area.
The correction has occurred deeply, and if it does not re-settle upward, there is a high probability that it will fall downward.
However, it is highly likely that it will bounce back again. The reason is that if the Impulse start line is not broken, it can rebound to complete the pattern even if the correction is deep.
I will look for buy opportunities again below.
Note that you should also look at the EURAUD chart at the same time.
For AUD to rise, EURAUD must fall.
AUD weakness continued as EURAUD moved higher than expected last week.
We will update again if any changes occur.
This is the progress of AUDUSD on February 7th.
AUDUSD did not find support near the yellow area.
The correction has occurred deeply, and if it does not re-settle upward, there is a high probability that it will fall downward.
However, it is highly likely that it will bounce back again. The reason is that if the Impulse start line is not broken, it can rebound to complete the pattern even if the correction is deep.
I will look for buy opportunities again below.
Note that you should also look at the EURAUD chart at the same time.
For AUD to rise, EURAUD must fall.
AUD weakness continued as EURAUD moved higher than expected last week.
We will update again if any changes occur.