AUDUSD - At important resistance now ! Reversal coming ?

For now price seems to be making a 3 wave correction and is at resistance around the 61.8% retracement level of previous bearish impulse wave and the upper channel line.

A clear break above this resistance zone, favors the bulls and we then need to look at current resistance becoming futur support from where price can rally after it pulls back.

If on the other hand we see price turn and go below the middle channel line,followed by a break of lower channel line and wave 2/B low, bears will have taken over and we should then
see price go much lower towards 0.66-0.65.

Comment:

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Comment:

AUDUSD - If we don't see a clear break of this channel, we could see a sell off.
Ideal termination time zone is marked by the blue box.

Comment:

AUDUSD - Price came lower nicely here. But beware as we're seeing bullish divergence appear on the oscillators. This could then be the first sign that this ABC correction is in fact a complex WXY ! So, protect your shorts and maybe even take half profits if price touches the 50% retracement level again or use a trailing stop for it. Next level of interest are the lower channel line, the wave 2/B low as possible support and the 127.2 & 161.8% retracement levels as potential targets.
(Note that my time estimation was a bit off because I had taken the weekend in account. Correct time zone is between the pink vertical lines)

Comment:

AUDUSD - We got a 3 wave decline here, so, for now I'm labeling this as wave X which means we need a 3 wave rise for Y before considering aggresive shorts.