AUD/USD Make A Minimum Three-Leg Bearish Reversal

Hi traders,

AUD/USD has completed a five-wave recovery within a higher degree wave 5, as the price started turning in an impulsive fashion from the highs. An impulsive turn labelled as wave A on the charts is the first sign that a top can be in place, and that a minimum, a change in trend is underway. That said, we know that nothing moves in a straight fashion, so be aware of temporary pullbacks along the way; wave B, which is already in play, and one can look for resistance at the 0.732/0.735 level. (FXA, UUP, UDN)

Once a wave B correction develops, and we see a new impulsive break below the trendline support, that is when wave C can be underway towards 0.715/0.707 support zone.

AUDUSD, 4h