I took an aggressive short on this pair as it passes down the Warning Line 1, with S/L above the blue supply line. Those two blue lines still mark the sovereign supply and demand
zones. We have seen AUDUSD
tried to go lower than the demand line three times, each time loosing strength, shown as green arrows. But I think the bear
power is coming into effect as we get close to the dashed red daily resistance, so the Warning Zone 1 should mark the turnaround point where we should break below the demand line. As for an Elliott wave
perspective, we might be towards the end of the wave 4, and I will temporarily T/P as the wave 5 finishes. Then we must see A-B-C try hard to break the zone again. If bulls win that round, it means my count is wrong, and I would then take a long position. But I consider that as a low probability option.