AUDUSD: ABCD Pattern; RBA Rate Decision
AUDUSD has completed 2 waves of retracement which formed an AB=CD pattern.
It was completed within a supply zone defined by a previous low turned resistance.
RBA is expected to cut rate but AUDUSD has climbed for the 3rd consecutive week.
Besides, an inside bar break down has just happened in the H4 chart and the price has retraced back into the inside bar.
Thus, this would be a good price to sell and a good opportunity to take.
It was completed within a supply zone defined by a previous low turned resistance.
RBA is expected to cut rate but AUDUSD has climbed for the 3rd consecutive week.
Besides, an inside bar break down has just happened in the H4 chart and the price has retraced back into the inside bar.
Thus, this would be a good price to sell and a good opportunity to take.