As seen on the chart below, a probable 'W' like pattern has been spotted and may have completed above the D level. Based on historical movements of this pair, the M like pattern below most often signals market 'Bulishness'

Good day Traders, this is Kenny Simon giving a market outlook for this week on the AUD/USD 1Hr chart based on Harmonic Patterns.

As seen on the chart below, a probable ‘W’ like pattern has been spotted and may have completed above the D level. Based on historical movements of this pair, the W like pattern below most often signals market ‘Bulishness’ upon completion of this pattern.

 

AUDUSD

 

At the moment, the D point is progressing downwards towards the E point. Previously, prices have often aimed at the PRZ (Potential Reversal Zone) at the D level but has gone beyond the D level and reversed at the 0.7845 level.

The reversal zone usually signals a probability as seen in the past, where prices would reach the this level and starts to reverse. At the time of writing, current price is at the 0.7758 level. The expected drop of price is expected to be anywhere between the 0.7716 to 0.7699 levels in reference to historical significant support and resistance.

Happy Pipping !
Thank you.