On the AUD/USD daily chart, a breakout of the lower boundary of the short-term upwards trading channel near the 0.745 level was the signal of the end of the correction and restoration of the “bearish” trend. The 0.706 mark can be its target.
There is a set target in the AB = CD pattern. Since the market is under the control of sellers, traders should sell on the rise of quotes.
On the AUD/USD hourly chart, 5-0 and expanding wedge patterns worked out. The correction towards the 38.2% level of the CD wave allowed to open short positions and take profits at the 0.73 level. At the present moment, the nearest resistance is located around 0,735.
Origin: FX BAZOOKA
