The market has failed to create a bullish breakout out of a wedge with a bearish engulfing candle.
The retracement came to a quick end at the moving average with a bullish engulfing candle.
Despite being in the fifth wave of the wedge, there is no bullish movement in AUDUSD pair. The market has rejected the price at the moving average with an evening star pattern.
I believe that there will be at least .618 correction before the market makes a third move down.
There in a clear bearish engulfing candle at the support level of $212. I do not believe that the support level will hold despite the divergence at the four hour chart. Next stop is at $165.
I believe that there is 65% chance of this triangle breaking upside. The price will hit $280 before starting its downtrend again.
The price action has completed a five wave impulse at the previous structure with a double bottom.
The price action has put a double top at the previous structure at 1.12.
The prices spooked and created a higher high with a bullish engulfing candle. This is a strong trend continuation signal. GBPUSD has been in a slow uptrend. I believe that trend will continue from here.