AUDUSD's rebound may not be over yet. The reason is that it can even reach the daily supply zone. The problem is that if the highs are renewed without falling here, a weekly correction of the running flat pattern may appear, and since there is a high probability of being supported above that blue line, it can be extended again to the monthly correctoin process. But conversely, if the market stays below that blue line, it could move down towards the weekly demand zone.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.