Aussie was one of the 9 currency pairs on our Watchlist for the week and we were expecting the correction upside to continue to 0.76 price level.
I actually was expecting price going higher to 0.762.
Price is now showing a sign that the correction upside is over and we may see it resuming the bearish trend which started almost two weeks ago.
We can see a double zigzag corrective pattern as shown in the chart above.
A break below the 'red' rising trendline could trigger a a new bearish journey which could be a much longer one that the previous.
This would be a 'mouth-watering' trade with a big R/R if price moves as expected after the break-down.
This could be one of the reasons why we decide to trade using Elliott wave theory (think of a wave iii in the making)
I actually was expecting price going higher to 0.762.
Price is now showing a sign that the correction upside is over and we may see it resuming the bearish trend which started almost two weeks ago.
We can see a double zigzag corrective pattern as shown in the chart above.
A break below the 'red' rising trendline could trigger a a new bearish journey which could be a much longer one that the previous.
This would be a 'mouth-watering' trade with a big R/R if price moves as expected after the break-down.
This could be one of the reasons why we decide to trade using Elliott wave theory (think of a wave iii in the making)
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