Weekly chart trend: Short possibilities. Main price points: 0.6007, and 0.9848. Looking for: Wave 2/B top.
On the aussie weekly chart, the top of a red wave 2/B may have already hit, as the prices made a recent turning point exactly around the 61.8% area of a wave 1/A distance. This Fibonacci level is a typical retracement level of a wave two and wave B pullback, which means that a turning point is coming. Traders should also be watching the trend-line support on the RSI indicator, where a possible break could signal a short position.
Daily chart trend: Short. Main price points: 0.7701. Looking for: Move lower
On the aussie daily chart, prices are powerfully trading lower after the wave 5) highs around 61.8% Fibonacci level. If the wave count is correct then this was the top of a black wave C/3, which suggests a temporary down-trend. We will be looking for at least a three wave pullback down, near the 0.7701 support area, as long as the current highs of wave C/3 hold.
4 Hour chart trend: Short. Main price points: 0.8476. Looking for: Wave II)
On the 4 hour aussie chart, the prices reached the wave IV support zone, at 0.8178 as expected. After that, prices sharply turned into a black wave II), which is currently testing the trend-line and acting as resistance. Traders with a short bias may be looking to the short side from the current wave II), or after a break of the wave I) low. The wave count remains valid, as long as the market trades below the 0.8476 top.
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