AUD/USD fifth wave in play

From April 2013  bearish break, AUD/USD is showing four waves down. With the break of uptrend Pitchfork channel 0.7500 level and a new break down of 200 SMA, we could witness a fifth wave to end this bearish cycle. 

The target of this fifth wave could be in a zone of previous low  0.6700-0.6900 and in a case of extension lower even 0.6400-0.6600 zone.



The mentioned target zone is also the Fibo ABC extension 1.382 and 1.618 which represent 0.6738 level. Heading into next year with perspective for FED interest rates tightening to pick up this could be perfect long term downtrend continuation trading opportunity.



Happy trading! (click on the chart to enlarge it)

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