AUDUSD 5/11/2021 Analysis
after some cooling off and profit taking, reaccumulation has occurred off the daily and price has broken out of a supply zone previously created in the consolidation. as price pullsback to the tops of the shoulders, while a pull back to the bottom of the channel would also be a reasonable but less likely possibility, expect a very bullish movement from the bottom of the fib channel to the .50 channel area before retracing.
As AUDUSD has currently broken outside of the Bullish Fib channel we will look for how it acts in its retracement. As we have seen such a big move it will take time for distribution and accumulation to reoccur which I will be watching closely