06.08.201912:57 Forex Analysis & Reviews: AUD/USD to reverse soon

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There's a bullish Wolfe Wave pattern in AUD/USD. The price hasn't fixated below the 0.786 level (0.6784), which brings more evidence for the bullish outlook. Additionally, 1-3 Line has acted as support, so there's a pullback from this line which could be a starting point for wave 6. However, we should wait for a break-out of 0.6866 as confirmation of this scenario. Previously, the 0.618 retracement level has acted as resistance, which led to the current decline.

The main bullish targets are the 0.786 retracement level (of a downward price movement against 0.7207) and 1-4 Line. The subsequent pullback from these level could lead to another bearish rally. Meanwhile, if the pair fixates below the 0.786 Level (0.6784), the bullish outlook will be under pressure. If this happens, we should wait for price returning above this level as a sign that bulls are coming back into the market. Also, if the price breaks the 1-3-5 Line, this scenario will be cancelled.

The bottom line is that there's a significant bullish opportunity in AUD/USD. If the market goes through 0.6866, there'll be a green light for bulls to achieve the 1-4 Line and 0.786 retracement level, which both could act as resistance.

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