AUDUSD Rising Wedge Breakdown — Is a Bigger Drop Coming?

Jul 8

AUDUSD(AUDUSD) is currently moving near the Potential Reversal Zone(PRZ)[$0.6980-$0.6949] and resistance lines, having broken important support lines in recent weeks.

From a classic technical analysis perspective, AUDUSD formed a rising wedge pattern during its pullback to these important support lines, and it has now broken the lower line of this wedge—this could be a sign of further bearish continuation.

From an Elliott Wave perspective, AUDUSD seems to have completed its main wave 4 with a Double Three Correction (WXY).

I expect that, given the bullish trend of the DXY index(DXY), AUDUSD will continue its downward move, potentially dropping at least to the $0.6903 level, and if the downtrend continues, we might see a test of the support zone($0.6884-$0.6865).

First Target: $0.6903

Second Target: Support zone($0.6884-$0.6865)

Stop Loss(SL): $0.6983(Worst)

Note: Today we have an FOMC meeting, which could impact AUDUSD. Be cautious with your positions around that time.

What’s your view on AUDUSD?

💡 Please respect each other's opinions and express agreement or disagreement politely.

📌Australian Dollar/U.S.Dollar Analyze (AUDUSD), 1-hour time frame.

🛑 Always set a Stop Loss(SL) for every position you open.

✅ This is just my idea; I’d love to see your thoughts too!

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Jul 8

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