InvestMate|AUD/USD Next Wave of Declines?🦘

🦘AUD/USD Next Wave of Declines?

🦘Post is a direct continuation of my previous post on AUD/USD:

🦘The scenario remains unchanged. I still think we are in for another wave of declines.

🦘Looking at the bounce from the 0.618 level only confirms me in my assumptions.

🦘 There is a support zone ahead that I didn't mention before.

🦘It has been determined by a cluster of two levels. The first is 0.236 of the first downward wave from the current peak. The second level is 0.618 of the wave from the 2001 bottom to the 2008 peak.

🦘It is likely that there will be a reaction at this level but the main target remains the lower support zone set out in the previous post.

🦘The resistance zone that I think will hold the price is around 0.682 and was determined by a cluster of two fibo levels. The first is 0.786 of the first downward wave. The second level is 0.236 of the entire downward wave from the 2011 peak to the covid bottom.

🦘Looking at indicators such as MACD and RSI they clearly support my downward perspective.

🦘The scenario I'm playing out is a continuation of the decline to the lower support zone but I don't exclude the possibility of a slight rebound or price stopping at the first support zone. I'm aware of the possibility of a correction at any time, this should be taken into account, If the outlook changes I will publish a post with an update, so I encourage you to actively follow the profile and read the description carefully.

🦘*Please do not suggest the path I have outlined with lines it is only a hypothetical scenario.

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