AUDUSD rebounded to the daily supply zone, but I said that it is a correction pattern, so there is a very high possibility of a decline. Since the correction pattern is an expanded flat pattern, where it makes the first daily correction trend line of a downtrend, we expect to test the low again to create a bearish pattern. And, it could rebound, with a high probability of a decline even if it comes from the daily supply zone again. If the trend changes, it will surely break through that area and move above the blue support line. In that case, it is better to aim for a buying opportunity. However, if not, the trend is likely to ride a daily downtrend.
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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.