AUD/USD: Short Term Bearish Correction
AUD remained strong against USD during the last 7 weeks and played well. Now it seems to be developing price consolidation, a sign of seller gradually taking over buyer forming rising wedge of 60% degree (angle of inclination). Before that 40 degree bullish cup and handle formation formed and so far market acted up to 70% of cup depth on breakout.
Further market seems to have trend line rejection and after rejection market got in range, showing a state of distribution formation.
GANN study revealed that market formed validated swing and have upside ride up to 180 degree GANN handle there it facing resistance and seem to have downward correction. Support level seems to be 135 degree GANN angle 0.75659. Small bearish opportunity for day traders.
AUD/USD 4 Hour Chart
AUD/USD 4 Hour Chart 2
AUD/USD 4 Hour Chart 3