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)
Through time we have developed a very respectable trading strategy which defines Entry, Stop Loss and Take Profit levels with high accuracy and allows you to make position Risk Free. If you want to learn all about it and become a professional Trader, sign up now.
We cover all Majors, Crosses, Indices and Commodities. Join us and you will get access to Trade alerts with exact SL and TP levels, real time on email , viber, twitter private feed, NY session analysis of all major asset classes, Live trading sessions every day moderated by our expert analyst @Aleksfx, Video analysis, Intraday market levels, Live chat support, Educational webinars. You can also read other articles at our Blog and check Chart of The Day