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AUDUSD Could Be Forming a Flat Pattern
The massive rejection candle from a confluence of Resistance and Trendline could send AUDUSD lower to form an Expanded Flat corrective pattern.
Wave (c) of 2 of the Flat pattern has the potential to trade below the low of wave (a). This pattern is also in line with the bearish scenario on Gold, Silver, and EURUSD.
As I said in one of my previous posts, the currency pairs and commodities have the way of waiting for one another and mimicking themselves.
I will be watching out the development of this pattern.
NOTE: The major trend is bullish and this is an alternative view based on the current market structure.
Best of luck on the chart!
Veejahbee
Wave (c) of 2 of the Flat pattern has the potential to trade below the low of wave (a). This pattern is also in line with the bearish scenario on Gold, Silver, and EURUSD.
As I said in one of my previous posts, the currency pairs and commodities have the way of waiting for one another and mimicking themselves.
I will be watching out the development of this pattern.
NOTE: The major trend is bullish and this is an alternative view based on the current market structure.
Best of luck on the chart!
Veejahbee
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