AUDUSD made five waves down from the 0.7282 high, meaning the bearish price action is back in play. However, nothing moves in straight lines, so a move from 0.6936 is not a surprise. We see that the rally is a corrective bounce; it’s a double zigzag in wave 2, which may complete around the upper channel resistance line, near the 61.8% Fibonacci retracement level. That said, traders must be aware of a bearish turn and even a strong decline, once the lower support line of the channel is broken.
AUDUSD, 4H
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