AUDUSD is a failed attempt to break above the blue support line in the center of the chart (formerly the monthly support line).
Therefore, a four-hour downtrend can last, and it is a case of propagating as a daily downtrend.
Thus, two trends can be predicted.
The first is when the weekly correction is finished and the daily downtrend continues. As long as it does not break the daily correction trend line of the downtrend, it will renew the bottom again.
The second is a case of rebounding in the weekly demand zone and proceeding with a monthly correction process of a large W-X-Y pattern in weekly units. It will break the last daily correction trend line of the bearish wave and, even when a retracement comes, will not renew the bottom and attempt to break above the blue support line again.
Therefore, a four-hour downtrend can last, and it is a case of propagating as a daily downtrend.
Thus, two trends can be predicted.
The first is when the weekly correction is finished and the daily downtrend continues. As long as it does not break the daily correction trend line of the downtrend, it will renew the bottom again.
The second is a case of rebounding in the weekly demand zone and proceeding with a monthly correction process of a large W-X-Y pattern in weekly units. It will break the last daily correction trend line of the bearish wave and, even when a retracement comes, will not renew the bottom and attempt to break above the blue support line again.
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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.