The 4-hour chart of AUD/USD has formed an AB=CD Pattern.
It is currently at the 1.618 Fibonacci extension of BC, which can act as a strong Support.
As the pattern indicates this is a potential profit booking zone and the pair would also find support at this zone.
Also, the RSI indicator is lurking below the oversold region.
Hence we expect the pair to be bullish for the short term.
It is currently at the 1.618 Fibonacci extension of BC, which can act as a strong Support.
As the pattern indicates this is a potential profit booking zone and the pair would also find support at this zone.
Also, the RSI indicator is lurking below the oversold region.
Hence we expect the pair to be bullish for the short term.